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

Profits are the lifeblood of the economic system, the magic elixir upon which progress and all good things depend ultimately. But one man's lifeblood is another man's cancer.

The growth of a nation's productive potential is the central factor in determining its growth in real wages and living standards.... high rates of investment and saving usually have a big payoff in promoting economic growth.

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

This message (that attempting to beat the market is futile) can never be sold on Wall Street because it is in effect telling stock analysts to drop dead.

Asia's governments come in two broad varieties: young, fragile democracies - and older, fragile authoritarian regimes.

Two-thirds of a century after [The Road to Serfdom] got written, hindsight confirms how inaccurate its innuendo about the future turned out to be.