Economics is extremely useful as a form of employment for economists.

Broadly speaking, Keynesianism means that the government has a specific responsibility for the behavior of the economy, that it doesn't work on its own autonomous course, but the government, when there's a recession, compensates by employment, by expansion of purchasing power, and in boom times corrects by being a restraining force. But it controls the great flow of demand into the economy, what since Keynesian times has been the flow of aggregate demand. That was the basic idea of Keynes so far as one can put it in a couple of sentences.

A more important antidote to American democracy is American gerontocracy. The positions of eminence and authority in Congress are allotted in accordance with length of service, regardless of quality.

I have never understood why one's affections must be confined, as once with women, to a single country.

A [New Yorker ] is what it has always been. It combines those who pursue the truth with those who pursue the rewards of orthodoxy and those who pursue what is comfortable to the rich.

Agriculture is one economic activity that does not obey the laws of demand and supply.

When you see reference to a new paradigm you should always, under all circumstances, take cover.