"The construction of hypotheses is a creative act of inspiration, intuition, invention; its essence is the vision of something new in familiar material. The process must be discussed in psychological, not logical, categories; studied in autobiographies and biographies, not treatises on scientific method; and promoted by maxim and example, not syllogism or theorem."

“There is an invisible hand in politics that operates in the opposite direction to the invisible hand in the market.”

“Will we read next that government control of prices has created a shortage of sand in the Sahara?”

“President Kennedy said, ‘Ask not what your country can do for you —ask what you can do for your country.’… Neither half of that statement expresses a relation between the citizen and his government that is worthy of the ideals of free men in a free society. ‘What your country can do for you’ implies that the government is the patron, the citizen the ward. ‘What you can do for your country’ assumes that the government is the master, the citizen the servant.”

“Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output. … A steady rate of monetary growth at a moderate level can provide a framework under which a country can have little inflation and much growth. It will not produce perfect stability; it will not produce heaven on earth; but it can make an important contribution to a stable economic society.”

“Make politics an avocation, not a vocation.”

“The Great Depression in the United States, far from being a sign of the inherent instability of the private enterprise system, is a testament to how much harm can be done by mistakes on the part of a few men when they wield vast power over the monetary system of a country.”