Humility Is The Distinguishing Virtue Of The

Thanks To Economists, All Of Us, From The Days Of Adam Smith And Before Right Down To The Present, Tariffs Are Perhaps One Tenth Of One Percent Lower Than They Otherwise Would Have Been. And Because Of Our Efforts, We Have Earned Our Salaries Ten-thousand Fold.

Anything That Government Can Do, Private Enterprise Can Do For Half The Cost.

With Respect To Teachers' Salaries .... Poor Teachers Are Grossly Overpaid And Good Teachers Grossly Underpaid. Salary Schedules Tend To Be Uniform And Determined Far More By Seniority.

A Society That Puts Equality - In The Sense Of Equality Of Outcome - Ahead Of Freedom Will End Up With Neither Equality Or Freedom. The Use Of Force To Achieve Equality Will Destroy Freedom. On The Other Hand, A Society That Puts Freedom First Will, As A Happy By-product, End Up With Both Greater Freedom And Greater Equality. Freedom Means Diversity But Also Mobility. It Preserves The Opportunity For Today's Less Well Off To Become Tomorrow's Rich, And In The Process, Enables Almost Everyone, From Top To Bottom, To Enjoy A Richer And Fuller Life.

The Problem Is That, In A World Of Floating Exchange Rates, As Italy Was Before The Euro, If One Country Is Subjected To A Shock Which Requires It To Cut Wages, It Cannot Do So With A Modern Kind Of Control And Regulation System. It Is Much Easier To Do It By Letting The Exchange Rate Change. Only One Price Has To Change, Instead Of Many.