George Stigler Nobel laureate and a leader of Chicago School was asked why there were no Nobel Prizes awarded in the other social sciences, sociology, psychology, history, etc. Don't worry, Stigler said, they have already have a Nobel Prize in ...Literature

We are already well down the road toward a managed-trade regime. It would be far better to acknowledge that reality, and seek a set of reasonable rules, than to pretend that Ricardian trade is the norm and allow mercantilist states to overwhelm U.S. industry and ratchet down wages, in the name of free trade.

In a world where technology and capital are highly transferable, there is a real risk that comparative advantage comes to be defined as whose labor force will work for the lowest wage.

Technological advance often thrives in sheltered and subsidized markets, which defy free trade.

If social security depresses savings rates, it is only because it is unfunded.

But of course you can have your cake and eat it, too - if you decide to to bake a second cake. And you may well find that baking two cakes does not take twice the work of baking one.

What do you call an economist with a prediction? Wrong.

It is more than a little ironic that capital accumulation once a rather tendentious Marxian view of a supposed capitalist obsession, should have become - of all things - Wall Street's own slogan.

Donald Rumsfeld should not just be impeached. He should be tried as a war criminal. As for Bush, he can be dispatched by the electorate while we are still a democracy.

When laissez-faire creates instability, the move to a freer market can be something less than pure gain.