I think that nothing is so important for freedom as recognizing in the law each individual’s natural right to property, and giving individuals a sense that they own something that they’re responsible for, that they have control over, and that they can dispose of.
When everybody owns something, nobody owns it, and nobody has a direct interest in maintaining or improving its condition. That is why buildings in the Soviet Union – like public housing in the United States – look decrepit within a year or two of their construction...
When a private enterprise fails, it is closed down; when a government enterprise fails, it is expanded. Isn’t that exactly what’s been happening with drugs?
If the only motive was to help people who could not afford education, advocates of government involvement would have simply proposed tuition subsidies.
We do not influence the course of events by persuading people that we are right when we make what they regard as radical proposals. Rather, we exert influence by keeping options available when something has to be done at a time of crisis.
The argument for the free market is a complicated and sophisticated one and depends on demonstration of secondary effects. I have confidence market efficiency will win out.
I say thank God for government waste. If government is doing bad things, it’s only the waste that prevents the harm from being greater.
Well first of all, tell me, is there some society you know of that doesn’t run on greed? You think Russia doesn’t run on greed? You think China doesn’t run on greed? What is greed?
Hong Kong is the bellwether. If the Chinese stick to their agreement to let Hong Kong go its own path, then China will also go that way. If they don’t, that is a very bad sign. I’m optimistic.
Economic freedom is an essential requisite for political freedom. By enabling people to cooperate with one another without coercion or central direction, it reduces the area over which political power is exercised.
Nobody spends somebody else’s money as carefully as he spends his own. Nobody uses somebody else’s resources as carefully as he uses his own. So if you want efficiency and effectiveness, if you want knowledge to be properly utilized, you have to do it through the means of private property.
Hell hath no fury like a bureaucrat scorned.
In the US, the problem is primary and secondary education. We’ve had such an increase in inequality because a quarter of American kids don’t finish high school!
Governments never learn. Only people learn.
Whenever we depart from voluntary cooperation and try to do good by using force, the bad moral value of force triumphs over good intentions.
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.