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" 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. "

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" 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. "

" 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. "

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

" What we know about the global financial crisis is that we don't know very much. "

" Women are men without money. "

" Politicians like to tell people what they want to hear - and what they want to hear is what won't happen. "

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

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

" 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. "

" 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. "

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

" 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. "

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

" Rent control created deadweight loss. "

" 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. "

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

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

" 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. "

" Every good cause is worth some inefficiency. "

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

" Milton Friedman. Friedman had a solid MV = PQ doctrine from which he deviated very little all his life. By the way, he's about as smart a guy as you'll meet. He's as persuasive as you hope not to meet. "

" 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. "

" 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. "

" Let those who will - write the nation's laws - if I can write its textbooks. "

" 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. "

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

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

" 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. "

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

" Good questions outrank easy answers. "