Contrary to what many skeptics had earlier believed, the Soviet economy is proof that a socialist command economy can function and even thrive.

Sooner or later the Internet will become profitable. It's an old story played before by canals, railroads and automobiles.

Perhaps there really are managers who can outperform the market consistently - logic would suggest that they exist. But they are remarkably well-hidden.

Marshall's crime is to pretend to handle imperfect competition with tools only applicable to perfect competition.

Globalization presumes sustained economic growth. Otherwise, the process loses its economic benefits and political support.

It isn't that greed's increased. What's increased is the realization that you've got a free field to reach out for what you'd like to do.

When the economy was going up, [Milton Friedman and I] both gave the same advice, and when the economy was going down, we gave the same advice. But in between he didn't change his advice at all.