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" Asia's governments come in two broad varieties: young, fragile democracies - and older, fragile authoritarian regimes. "

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" 'There are no easy pickings.' That would be a more accurate, less dramatic statement than 'There's no such thing as a free lunch.' "

" Investing should be more like watching paint dry or watching grass grow. If you want excitement, take $800 and go to Las Vegas. "

" In 1936, money had no important role. Interest rates were one-eighth of one-eighth of one per cent. I did some research, and I found that the interest on one million dollars of ninety-day Treasuries was $37. People didn't even bother to collect it. The Fed wasn't important. "

" People have the wrong idea that God will forgive Reagan. They say he didn't know what he was doing. It's true he didn't know a lot of what was going on, but he was directly responsible. "

" Economics is a choice between alternatives all the time. Those are the trade-offs. "

" Economics is not an exact science. It's a combination of an art and elements of science. And that's almost the first and last lesson to be learned about economics: that in my judgment, we are not converging toward exactitude, but we're improving our data bases and our ways of reasoning about them. "

" Globalization presumes sustained economic growth. Otherwise, the process loses its economic benefits and political support. "

" The Keynesian idea is once again accepted that fiscal policy and deficit spending has a major role to play in guiding a market economy. I wish Friedman were still alive so he could witness how his extremism led to the defeat of his own ideas. "

" Investing should be dull. It shouldn't be exciting. "

" I have not been able in one lecture even to scratch the surface of the role of maximum principles in analytic economics. "

" The parts of physics that are exact are the parts of physics that are exact. The parts that are inexact are vastly greater. Sensible scientists don't waste their time pushing against doors that endlessly will not give. They are opportunistic and go where they can, but there are pitfalls in that. "

" Good questions outrank easy answers. "

" There's nothing in Keynesian economics that would allow you to solve stagflation. But there's nothing in neoclassical economics that would allow you to solve stagflation, either. "

" It is not easy to get rich in Las Vegas, at Churchill Downs, or at the local Merrill Lynch office. "

" An intriguing paradox of the 1990s is that it isn't called a decade of greed. "

" Women are men without money. "

" What I say is, 'If you're so rich, how come you're so dumb?' "

" Avoiding inflation is not an absolute imperative but rather is one of a number of conflicting goals that we must pursue and that we may often have to compromise. "

" To a person of analytical ability, perceptive enough to realise that mathematical equipment was a powerful sword in economics, the world of economics was his or her oyster in 1935. The terrain was strewn with beautiful theorems begging to be picked up and arranged in unified order. "

" U.S. capital formation, which has been pretty high in the '90s and very high in the late 1990s, is what is being financed by the savings of the rest of the world, generally poorer than ourselves, because our deficit on current account, chronic deficit, is their surplus, and they have been willingly bringing that to the American market. "

" Self-deception ultimately explains Japan's plight. The Japanese have never accepted that change is in their interest - and not merely a response to U.S. criticism. "

" My family was well off but not rich. I spent the four years I was an undergraduate working on the beach. And it wasn't because I was lazy; it was because my freshman class would go to a hundred different employers and wouldn't get a nibble. That was a disequilibrium system. I realized that the ordinary old-fashioned Euclidean geometry didn't apply. "

" I came to the University of Chicago on the morning of January 2, 1932. I wasn't yet a graduate of high school for another few months. And that was about the low point of the Herbert Hoover/Andrew Mellon phase after October of 1929. That's quite a number of years to have inaction. "

" Often, when I became a consultant to a federal agency, that precipitated its demise. "

" Rent control created deadweight loss. "

" Every good cause is worth some inefficiency. "

" In the jargon of American vaudeville, Professors Frisch and Tinbergen are a 'hard act to follow.' But then, all my life, I have been following such great scholars and policy advisors as these. "

" I decided that there was only one place to make money in the mutual fund business, as there is only one place for a temperate man to be in a saloon: behind the bar and not in front of it. "

" Economics has never been a science - and it is even less now than a few years ago. "

" The dream of any scholar has, for me, come true by virtue of this award. The Nobel Prizes are justly famous in the hard sciences, in literature, and for peace. "