Economic policies need to be analyzed in terms of the incentives they create, rather than the hopes that inspired them.

One of the most fashionable notions of our times is that social problems like poverty and oppression breed wars. Most wars, however, are started by well-fed people with the time on their hands to dream up half-baked ideologies or grandiose ambitions, and to nurse real or imagined grievances.

Racism does not have a good track record. It's been tried out for a long time and you'd think by now we'd want to put an end to it instead of putting it under new management.

Because many of us make mistakes that can have bad consequences, some intellectuals believe that it is the role of government to intervene and make some of our decisions for us. From what galaxy government is going to hire creatures who do not make mistakes is a question they leave unanswered.

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

Socialism is a wonderful idea. It is only as a reality that it has been disastrous. Among people of every race, color, and creed, all around the world, socialism has led to hunger in countries that used to have surplus food to export.... Nevertheless, for many of those who deal primarily in ideas, socialism remains an attractive idea -- in fact, seductive. Its every failure is explained away as due to the inadequacies of particular leaders.

Too many people - some of them judges - seem to think that freedom of speech means freedom from consequences for what you have said. If you believe that, try insulting your boss when you go to work tomorrow. Better yet, try insulting your spouse before going to bed tonight.