The only relevant test of the validity of a hypothesis is comparison of prediction with experience.
The fall of the Berlin Wall did more for the progress of freedom than all of the books written by myself or Friedrich Hayek or others.
Inflation is always and everywhere a monetary phenomenon.
Nobody spends somebody else’s money as carefully as he spends his own.
The Internet is the most effective instrument we have for globalization.
The problem of social organization is how to set up an arrangement under which greed will do the least harm, capitalism is that kind of a system.
If you do not force political freedom, economic freedom will be stymied sooner or later.
Undoubtedly Internet has reduced the possibilities of taxation. Why should I buy something here if I can buy it from a company in Japan or England or Brazil with a lower tax?
The great virtue of a free market is that it enables people who hate each other, or who are from vastly different religious or ethnic backgrounds, to cooperate economically. Government intervention can’t do that.
The state of our educational system is a disgrace to our country. We have an elementary and secondary school system in which close to half of the youngsters never graduate properly. It’s a disgrace that there is more illiteracy today than there was 100 years ago.
The Internet moves us closer to “perfect information” on markets. Individuals and companies alike can buy and sell across borders and jurisdictions wherever they find the best match of supply and demand.
It all would have been much better if individuals saved for their own old age.
Socialism, in the traditional sense, meant government ownership and operation of the means of production. Outside of North Korea and a couple of other spots, no one in the world today would define socialism that way. That will never come back.
The countries that have risen and separated out as a result of the collapse of the Soviet Union are, on the whole, following freer economic policies. Most of these states have freer government and less restrictions on trade.
I would say that in this world, the greatest source of inequality has been special privileges granted by government.
A free man will ask neither what his country can do for him nor what he can do for his country.
I think in some ways it would make more sense to have as a poverty level a relative concept and say, the level of poverty is that level of income or that level of consumption below which 10 percent of the people now are.
Rapid increases in the quantity of money produce inflation. Sharp decreases produce depression.
A society that aims for equality before liberty will end up with neither equality nor liberty. And a society that aims first for liberty will not end up with equality, but it will end up with a closer approach to equality than any other kind of system that has ever been developed.
There is no good way of measuring poverty.