It is much easier to put existing resources to better use, than to develop resources where they do not exist.

I am against market fundamentalism. I think this propaganda that government involvement is always bad has been very successful - but also very harmful to our society.

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

In certain circumstances, financial markets can affect the so-called fundamentals which they are supposed to reflect. When that happens, markets enter into a state of dynamic disequilibrium and behave quite differently from what would be considered normal by the theory of efficient markets. Such boom/bust sequences do not arise very often, but when they do, they can be very disruptive, exactly because they affect the fundamentals of the economy.

Whenever there is a conflict between universal principles and self-interest, self-interest is likely to prevail.

The ultimate asset bubble is gold.

We are trying to make the world a better place, but that is not necessarily what we accomplish. Many of the problems which preoccupy us are basically insoluble.