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" I can't think of a president who has been overburdened by a knowledge of economics. "

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" American society was economically ill-run in the 1980s. Our society has been on a consumption binge. If the American people had a town meeting and said, 'What do we care about posterity? Posterity hasn't done anything for us; we're going to whoop it up now,' that is a rational judgment. But nobody ever did that. "

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

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

" Rent control created deadweight loss. "

" It is dead wrong about necessary surplus of winnings over losings. "

" One of the pleasing things about science is that we do all climb towards the heavens on the shoulders of our predecessors. Economics, like physics, has its heroes, and the letter 'H' that I used in my mathematical equations was not there to honor Sir William Hamilton, but rather Harold Hotelling. "

" What is it that the scientist finds useful in being able to relate a positive description of behavior to the solution of a maximizing problem? That is what a good deal of my own early work was about. "

" 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. "

" 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. "

" 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. "

" 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. "

" Actually, in my advanced, high-falutin' frontier economics, I often work with what I define as 'money metric utility,' and I ask people, 'Do you really want that? What are you willing to pay for that?' "

" A temporary reduction in tax rates on individual incomes can be a powerful weapon against recession. "

" 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. "

" The problem is no longer that with every pair of hands that comes into the world there comes a hungry stomach. Rather it is that, attached to those hands are sharp elbows. "

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

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

" I think economics - and this is what I've tried to impart - has a tremendous amount of human interest in it. "

" 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 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. "

" Today we see how utterly mistaken was the Milton Friedman notion that a market system can regulate itself... Everyone understands now, on the contrary, that there can be no solution without government. "

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

" I did not throw out my education lightly, but what I was being taught was of no use in explaining what I saw around me. It was the Great Depression. "

" I think that it's more important for an economist to be wise and sophisticated in scientific method than it is for a physicist because with controlled laboratory experiments possible, they practically guide you; you couldn't go astray. Whereas in economics, by dogma and misunderstanding, you can go very sadly astray. "

" You're not making a decision if you come to a fork in the road. There is no 'it' to take. It's one or the other. "

Fork In The Road

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

" Companies are not charitable enterprises: They hire workers to make profits. In the United States, this logic still works. In Europe, it hardly does. "

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

" 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. "

" 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. "