Inflation Is Taxation Without Legislation.

The Invisible Hand In Politics Operates In The Opposite Direction To The Invisible Hand In The Market.

You Cannot Be Sure That You Are Right Unless You Understand The Arguments Against Your Views Better Than Your Opponents Do.

Adam Smith's Key Insight Was That Both Parties To An Exchange Can Benefit And That, So Long As Cooperation Is Strictly Voluntary, No Exchange Can Take Place Unless Both Parties Do Benefit.

Richard Nixon Was A Very Intelligent And Able Man. And He Had The Right Ideas. But He Did Not Have The Adherence To Principles That [ronald] Reagan Had. He Did Some Very Good Things. We Owe To Richard Nixon The Volunteer Army - He Got Rid Of The Draft. And That Was A Major Increase In Freedom.

China Has Seen A Great Deal Of Economic Progress. It's Certainly Rather Of A Miracle. The Growing Role Of The Market In The Economy Will Force China To Open Up Its Political System Over Time And To Move Toward A More Democratic Society. So Taken As A Whole, The One Real Failure In This Whole Business Has Been Russia.