Economists Have Much To Be Humble About.

Suppose It Was Demonstrated That One Out Of Twenty Alcoholics Could Learn To Become A Moderate Social Drinker. The Experienced Clinician Would Answer, 'even If True, Act As If It Were False, For You Will Never Identify That One In Twenty, And In The Attempt Five In Twenty Will Be Ruined.' Investors Should Forsake The Search For Such Tiny Needles In Huge Haystacks.

When The Economy Was Going Up, [milton Friedman And I] Both Gave The Same Advice, And When The Economy Was Going Down, We Gave The Same Advice. But In Between He Didn't Change His Advice At All.

I Couldn't Reconcile What I Was Being Taught At The University Of Chicago, The Lectures And The Books I Was Being Assigned, With What I Knew To Be True Out In The Streets.

An Intriguing Paradox Of The 1990s Is That It Isn't Called A Decade Of Greed.

Every Good Cause Is Worth Some Inefficiency.