I'm only rich because I know when I'm wrong...I basically have survived by recognizing my mistakes.

The laissez-faire argument relies on the same tacit appeal to perfection as does communism.

Changeless society is characterized by the absense of alternatives.

I admire Chancellor Merkel for her leadership qualities, but she is leading Europe in the wrong direction.

My conceptual framework, which basically emphasizes the importance of misconceptions, makes me extremely critical of my own decisions. I know that I am bound to be wrong, and therefore am more likely to correct my own mistakes.

The lower interest rates fueled housing and consumption booms in countries such as Spain and Ireland. At the same time, Germany, struggling with the burdens of reunification, tightened its belt and became more competitive. All this led to a wide divergence in economic performance. Europe became divided into creditor and debtor countries.

Studying economics is not a good preparation for dealing with it.