Short term volatility is greatest at turning points and diminishes as a trend becomes established

The concept of a general equilibrium has no relevance to the real world (in other words, classical economics is an exercise in futility).

Economic history is a never-ending series of episodes based on falsehoods and lies, not truths. It represents the path to big money. The object is to recognize the trend whose premise is false, ride that trend and step off before it is discredited.

If the choice is between cooking alive and wasting money unnecessarily I would rather waste some money, because long before we cook we are going to kill each other if we don't deal with climate change.

The strength of this country lies in the Declaration of Independence and the Bill of Rights and the freedom of speech and thought.

At times of recession, running a budget deficit is highly desirable. Once the economy begins to recover, you have to balance the budget. But it will also need additional revenues. Should the government not receive them, we will all get punished with higher interest rates.

Markets can influence the events that they anticipate.