Monetary policy suffers from the unfortunate absence of any occult effect. It has long been clear that economic management...would be greatly facilitated if resort could occasionally be had to witchcraft.

If anything is evident about people who manage money, it is that the task attracts a very low level of talent, one that is protected in its highly imperfect profession by the mystery that is thought to enfold the subject of economics in general and of money in particular.

Over the span of man's history, although a phenomenal amount of education, persuasion, indoctrination and incantation have been devoted to the effort, ordinary people have never been quite persuaded that toil is as agreeable as its alternatives. Thus to take increased well-being partly in the form of more goods and partly in the form of more leisure is unquestionably rational.

People are the common denominator of progress. So no improvement is possible with unimproved people, and advance is certain when people are liberated and educated. It would be wrong to dismiss the importance of roads, railroads, power plants, mills,and the other familiar furniture of economic development. But we are coming to realize that there is a certain sterility in economic monuments that stand alone in a sea of illiteracy. Conquest of illiteracy comes first.

There are few ironclad rules of diplomacy but to one there is no exception. When an official reports that talks were useful, it can safely be concluded that nothing was accomplished.

Partly, the Russian system succeeds because, in contrast to the Western industrial economies, it makes full use of its manpower.

To see economic policy as a problem of choice between rival ideologies is the greatest error of our time.