Nobody spends somebody else's money as carefully as he spends his own.

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When you start paying people to be poor, you wind up with an awful lot of poor people.

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The most important single central fact about a free market is that no exchange takes place unless both parties benefit.

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Since the 1930s the technique of buying votes with the voters' own money has been expanded to an extent undreamed of by earlier politicians.

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The key insight of Adam Smith's Wealth of Nations is misleadingly simple: if an exchange between two parties is voluntary, it will not take place unless both believe they will benefit from it. Most economic fallacies derive from the neglect of this simple insight, from the tendency to assume that there is a fixed pie, that one party can gain only at the expense of another.

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Inflation is the one form of taxation that can be imposed without legislation.

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You cannot be sure that you are right unless you understand the arguments against your views better than your opponents do.

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Nothing is so permanent as a temporary government program.

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Inflation is taxation without legislation.

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What makes it [economics] most fascinating is that its fundamental principles are so simple that they can be written on one page, that anyone can understand them, and yet very few do.

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