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

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

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

" The very name of my subject, economics, suggests economizing or maximizing. But Political Economy has gone a long way beyond home economics. "

" 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. "

" 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. "

" Women are men without money. "

" 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. "

" 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. "

" 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. "

" The contrafactual history is what it would have been the other way. Think of the Kennedy triumph in the missiles crisis. Worked out fine. Khrushchev blinked and so forth. The other road, you don't want to think too hard about. You could have had nuclear missiles wiping out a tenth of the globe. "

" Good questions outrank easy answers. "

" I believe, in the stock market - that's one of my fields - that most people are irrational. And to be irrational, you can be irrational in so many different ways that, practically, the result is indeterminate. "

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

" 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. "

" Let me acknowledge that I realize that, in honoring me, the Committee of the Royal Academy of Sciences is in fact saying a good word for all of those of my generation who have been laboring in the same vineyard. "

" 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. "

" 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. "

" 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. "

" 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. "

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

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

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

" 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. "

" Time is our ultimate scarcity. Isaac Newton can give us more electricity, but he can't give us more than 24 hours of the day of time. And so we're constantly having to sacrifice alternate activities to get the one that pleases us most. "

" Charles Darwin got his theory, his notion of natural selection, evolution, and so did its independent discoverer, Alfred Wallace, from reading Malthus. "

" Sooner or later the Internet will become profitable. It's an old story played before by canals, railroads and automobiles. "

" 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

" 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. "

" I'm not speaking in favor of killing innovation. I'm speaking in favor of centrist use of the market, which involves necessarily a considerable degree of regulation. Markets by themselves will get themselves inevitably into inequality and into their own destruction. It will happen again and again. "

" When I was a kid, I reckoned things in Hershey bars. Is this worth three Hershey bars to me? "