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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.' "

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" 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. "

" 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. "

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

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

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

" People had J.F.K. all wrong. They thought of him as a dashing, deciding type. He was an extremely hesitant person who checked the ice in front of him all the time. "

" 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. "

" 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. "

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

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

" The remarkable fact is not how much government does to control economic activity, but how much it does not do. "

" 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. "

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

" 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 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. "

" The history of the twentieth century - America's century! - has been pretty much a history of rising prices. "

" 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. "

" 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. "

" 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. "

" 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. "

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

" 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. "

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

" 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. "

" 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. "

" In well-functioning markets, price equals opportunity cost. Meaning that the proper way to price out and charge us for things is to charge us what those resources could otherwise have produced. This is a lesson the Soviet Union never learned at all, and the rest is history. "

" We've become a debtor nation. I don't mean just on fixed-loan terms, but we own increasingly less abroad than is owned from abroad here. "

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

" Things swept so badly that I had distrust - after 1967, let's say - of American Keynesianism. For better or worse, U.S. Keynesianism was so far ahead of where it started. I am a cafeteria Keynesian. "

" Rent control created deadweight loss. "