I can't remember one [example of regulation] that's good. Regulation of transport, regulation of agriculture - agriculture is a, zoning is z. You know, you go from a to z, they are all bad. There were so many studies, and the result was quite universal: The effects were bad.

If economists wished to study the horse, they wouldn’t go and look at horses. They’d sit in their studies and say to themselves, "what would I do if I were a horse?"

I hate when people ask me to: "Massage the data".

In my youth it was said that what was too silly to be said may be sung. In modern economics it may be put into mathematics.

I can't remember one [example of regulation] that's good. Regulation of transport, regulation of agriculture - agriculture is a, zoning is z. You know, you go from a to z, they are all bad. There were so many studies, and the result was quite universal: The effects were bad.

Existing economics is a theoretical system which floats in the air and which bears little relation to what happens in the real world.

Ronnie had it right calling it Torture. That is a much more accurate description the way I see it.