China's Productive System Draws Upon The Other

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.

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.

Keynes Was A Great Economist. In Every Discipline, Progress Comes From People Who Make Hypotheses, Most Of Which Turn Out To Be Wrong, But All Of Which Ultimately Point To The Right Answer. Now Keynes, In 'the General Theory Of Employment, Interest And Money,' Set Forth A Hypothesis Which Was A Beautiful One, And It Really Altered The Shape Of Economics. But It Turned Out That It Was A Wrong Hypothesis. That Doesn't Mean That He Wasn't A Great Man!

Economists May Not Know How To Run The Economy, But They Know How To Create Shortages Or Gluts Simply By Regulating Prices Below The Market, Or Artificially Supporting Them From Above.

There's Nothing That Does So Much Harm As Good Intentions.