Nothing so weakens government as persistent inflation.

The oldest problem in economic education is how to exclude the incompetent. A certain glib mastery of verbiage-the ability to speak portentously and sententiously about the relation of money supply to the price level-is easy for the unlearned and may even be aided by a mildly enfeebled intellect. The requirement that there be ability to master difficult models, including ones for which mathematical competence is required, is a highly useful screening device.

Under the privilege of the First Amendment many, many ridiculous things are said.

The commencement speech is not, I think, a wholly satisfactory manifestation of our culture.

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

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.

Any consideration of the life and larger social existence of the modern corporate man begins and also largely ends with the effect of one all-embracing force. That is organization - the highly structured assemblage of men, and now some women, of which he is a part. It is to this, at the expense of family, friends, sex, recreation and sometimes health and effective control of alcoholic intake, that he is expected to devote his energies.