My rule on honorary degrees has always been to have one more than Arthur Schlesinger Jr.

Talk of revolution is one of avoiding reality.

Modesty is a vastly overrated virtue.

The man who is admired for the ingenuity of his larceny is almost always rediscovering some earlier form of fraud. The basic forms are all known, have all been practiced. The manners of capitalism improve. The morals may not.

Clearly the most unfortunate people are those who must do the same thing over and over again, every minute, or perhaps twenty to the minute. They deserve the shortest hours and the highest pay.

A very complicated mass of things influences the economy - the speculative effect, government policy, consumer borrowing and spending, the level of technical innovation (which I concede, although everyone emphasizes it too much), and much more - including, of course, the rate of inflation.

The experience of being disastrously wrong is salutary, no economist should be denied it, and not many are.