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" What I say is, 'If you're so rich, how come you're so dumb?' "

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

" 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. "

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

" 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. "

" Every good cause is worth some inefficiency. "

" 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. "

" 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. "

" 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. "

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

" 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. "

" 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. "

" 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. "

" 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. "

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

" 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?' "

" 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. "

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

" Women are men without money. "

" 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. "

" 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. "

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

" 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. "

" 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

" 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. "

" Keynes's contribution was not just to advocate spending government money in the middle of a recession. Every government had done that going back to the days of the Irish potato famine. What he gave to us was a way of thinking about the magnitude and the dimensions and so forth. "

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

" 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. "

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

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

" The Malthusian Theory - that mankind, for biological and sociological reasons, is so fertile, so fecund, that if you started out with the new continent and plenty of land for everybody, in several generations we would multiply our numbers. "