Now, modern economies have a very effective mechanism for deciding if salaries are really too high: it's called the free market. That's how most people's salaries are set, after all, including those of major-league baseball players and European soccer players.

There is no free market for oil.

I think that there is absolutely no free market in modern industrial states.

There is no free market for oil. It's controlled by a cartel, OPEC.

The financial crisis of 2008 was not caused by investment banks betting against the housing market in 2007. It was caused by the fact that too few investors - including all of the big investment banks - bet too heavily on the housing market in the years before 2007.

Underlying most arguments against the free market is a lack of belief in freedom itself.