The stock market has predicted nine of the last five recessions.

But the trouble is that he [Alan Greenspan] had been an Ayn Rander. You can take the boy out of the cult but you can't take the cult out of the boy.

Thousands of important and intelligent men have never been able to grasp the principle of comparative advantage or believe it even after it was explained to them

I spent the four years I was an undergraduate working on the beach. And it wasn't because I was lazy; it was because my freshman class would go to a hundred different employers and wouldn't get a nibble.

By keeping labor supply down, immigration policy tends to keep wages high. Let us underline this basic principle: Limitation of the supply of any grade of labor relative to all other productive factors can be expected to raise its wage rate; and increase in supply will, other things being equal, tend to depress wage rates.

Every good cause is worth some inefficiency.

I'm not sure most of the people that get caught up in the middle of a bubble can be described as irrational. It seems pretty rational to buy a house and flip it in the next few weeks at a profit when that's been happening for along time.