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A Global economy is characterized not only by the free movement of goods and services but, more important, by the free movement of ideas and of capital.

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Classical economics is an exercise in futility, for the the concept of a general equilibrium has no relevance to the real world.

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Economics is a field of study that does not amount to a good preparation for dealing with it.

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The European Union is the result of German always being willing to pay a little bit extra to reach a compromise that everybody accepted, because they were driven by a "farsignted vision" to get European support for reunification.

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Marijuana legalization is fiscally wise in terms of both savings and profits — regulating and taxing marijuana would simultaneously save taxpayers billions of dollars in enforcement and incarceration costs, while providing many billions of dollars in revenue annually.

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Marijuana legalization is wise — its criminalization did not prevent marijuana from becoming the most widely used illegal substance in the United States and many other countries. But it did result in extensive costs and negative consequences.

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The Market is always wrong. This is the assumption you should start with, so if you copy everybody else on Wall Street, you're doomed to do poorly.

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The Market is not something that tends toward equilibrium as is generally accepted. This is because they do not merely discount the future, rather they help to shape the future.

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The Market is not always right. They are always wrong, for they always present a biased view of the future.

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The Market is self-destabilizing; occasionally they tend toward disequilibrium, not equilibrium.

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The Market is designed to allow individuals to look after their private needs and to pursue profit, but they're not designed to take care of social needs.

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An Open society is a society which allows its members the greatest possible degree of freedom in pursuing their interests compatible with the interests of others.