Intellect is not wisdom.

As an economist, whenever I hear the word shortage I wait for the other shoe to drop. That other shoe is usually price control.

All of us should be on guard against beliefs that flatter ourselves. At the very least, we should check such beliefs against facts.

All too often, we do smart things only after exhausting every conceivable dumb thing we could have done.

One of the most important reasons for studying history is that virtually every stupid idea that is in vogue today has been tried before and proved disastrous before, time and again.

Progress in general seems to hold little interest for people who call themselves 'progressives.' What arouses them are denunciations of social failures and accusations of wrong-doing.

Government central planning means over-riding other people's plans.