If social security depresses savings rates, it is only because it is unfunded.

American critics of welfare statism are often surprised to learn that countries like West Germany, with a much more comprehensive welfare state and a statistically larger public sector, have fewer government employees per capita than the United States does.

George Stigler Nobel laureate and a leader of Chicago School was asked why there were no Nobel Prizes awarded in the other social sciences, sociology, psychology, history, etc. "Don't worry", Stigler said, "they have already have a Nobel Prize in ...Literature"

What do you call an economist with a prediction? Wrong.

By default, we have created a "system" of nursing-home care for the aged in which middle-class people pay exorbitant rates to for-profit nursing-home entrepreneurs - and then when private resources are consumed and the patient qualifies as a pauper, the nursing home begins billing Medicaid. This is precisely the antithesis of social citizenship; instead of the poor being accorded the dignity associated with the middle class, equality of treatment is achieved by making the middle class undergo pauperization.

Technological change is beneficial only when other jobs replace the ones lost.

In practice, a good deal of the outcomes produced by the market reflect nothing more than luck - good or bad.