Have all these countries found a genius like Greenspan? ... What the foreign experience suggests is, you don't need a genius. You just need someone willing to make fighting inflation his top priority.

The only relevant test of the validity of a hypothesis is comparison of prediction with experience

The only relevant test of the validity of a hypothesis is comparison of prediction with experience.

Well first of all, tell me, is there some society you know of that doesn't run on greed? You think Russia doesn't run on greed? You think China doesn't run on greed? What is greed?

If, for example, existing government intervention is minor, we shall attach a smaller weight to the negative effect of additional government intervention. This is an important reason why many earlier liberals, like Henry Simons, writing at a time when government was small by today's standards, were willing to have government undertake activities that today's liberals would not accept now that government has become so overgrown.

[Minimum Wage. In] Free to Choose, ... . . . the minimum wage law to be one of the most, if not the most anti-black law on the statute books.