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" The Keynesian belief that 'demand' is always at the root of underemployment and slow growth is a fallacy. "

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" Well into the 20th century, scholars viewed economic advances as resulting from commercial innovations enabled by the discoveries of scientists - discoveries that come from outside the economy and out of the blue. "

" The fallacy of the neoclassicals is their tenet that total employment, though hit by shocks, can be said always to be heading back to some normal level. "

" Some economists believe that the Greeks' work ethic and thrift can pull them through. But the classical virtues can do nothing to offset the dearth of innovation that plagues the economy. "

" A healthy economics has got to have both conceptual, theoretical research and applied, empirical research. "

" To pump up consumer or government demand would force interest rates up and asset prices down, possibly by enough to destroy more jobs than are created. "

" I started to think about what drives innovation and what its social significance might be. The next step was to think innovators are taking a leap into the unknown. That led me to the thought that it is also a source of fun and employee engagement. "

" You have little representation of young black men in the business sector, so you have children growing up in disadvantaged neighborhoods who don't hear discussions at the dinner table about what goes on in business. It's almost as if we have two nations. "

" I could try to incorporate or reflect in my models what it is that an employee, manager, or entrepreneur does: to recognize that most are engaged in their work, form expectations and evolve beliefs, solve problems, and have ideas. Trying to put these people into economic models became my project. "

" In America, black urban teenagers have long been lacking in inclusion. In France, there is a comparable lack of inclusion among North Africans. In much of Europe, there has been little attempt to include the Roma. "

" When I was a teenager, I learned to play the trumpet. Music became my passion. "

" Mass prosperity came with the mass innovation that sprung up in 1815 in Britain, soon after in America, and later in Germany and France: It brought sustained growth to these nations - also to nations with entrepreneurs willing and able to copy the innovations. "

" Statistical studies are all over the lot about the pluses and minuses of raising the minimum wage. "

" As a grandson of farmers in downstate Illinois, I have long admired the dedication of farmers to their work and have written about the role of agriculture in American innovation. "

" There would be plenty of justification to raise revenues in order to subsidize businesses that employ low-wage workers. But there can be no justification for pandering to the economy's entire bottom half merely to attract its votes. "

" The good life, as it is popularly conceived, typically involves acquiring mastery in one's work, thus gaining for oneself better terms - or means to rewards, whether material, like wealth, or nonmaterial - an experience we may call 'prospering.' "

" At the simplest level, economics can better show us the consequences of our actions. Less simple are cases in which we don't have the knowledge to predict the full consequences. Global warming and climate change are examples. "

" Things can get only so bad. People want to eat, so at some point they resist further cuts to their consumption - it's not a bottomless pit. "

" Economists of a classical bent lay a large part of the decline of employment, and thus lagging output, to a contraction of labour supply. "

" Entrepreneurs have only the murkiest picture of the future in which they are making their bets, and also there is ambiguity: they don't know when they push this lever or that lever that the outcome is going to be what they think it is going to be - there is the law of unanticipated consequences. "

" Germany, Italy and France appear to possess less dynamism than do the U.S. and the others. "

" The epic story of the West is the development in the 19th century of a mass prosperity the world had never seen and its near-disappearance in one nation after another in the 20th. "

" Corporatist attitudes against capitalism came to the fore in the 1920s. Corporatists, with their conservative values, hated the invasion of towns and regions by new businesses, upsetting traditional ways, wealth and status. "

" Overpaying the banks for their toxic assets could contribute capital, but that may not be politically feasible or attractive. "

" Without being aware, I think I was being indoctrinated into what was called Vitalism, the idea that what makes life worth living, the good life, consists of accepting challenges, solving problems, discovery, personal growth, personal change. "

" I attended Amherst College from 1951 to 1955. The first two years were a revelation. There were innumerable exchanges with brilliant classmates, among them the playwright Ralph Allen, the classics scholar Robert Fagles, and the composer Michael Sahl. "

" What brought mass innovation to a nation was not scientific advances - its own or others' - but 'economic dynamism': the desire and the space to innovate. "

" To prosper and advance, the American business sector is going to need a financial system oriented toward business, not 'home ownership.' "

" Disciples of Keynes, who focus on aggregate demand, view any increase in household wealth as raising employment because they say it adds to consumer demand. "

" The main cause of Europe's deep fall - the losses of inclusion, job satisfaction and wage growth - is the devastating slowdown of productivity that began in the late 1990s and struck large swaths of the continent. It holds down the growth of wages rates, and it depresses employment. "

" The level of dynamism is a matter of how fertile the country is in coming up with innovative ideas having prospects of profitability, how adept it is at identifying and nourishing the ideas with the best prospects, and how prepared it is in evaluating and trying out the new products and methods that are launched onto the market. "