There is an old saying, or should be, that it is a wise economist who recognizes the scope of his own generalizations.

Inflation does not lubricate trade but by rescuing traders from their errors of optimism or stupidity.

Liberalism is, I think, resurgent. One reason is that more and more people are so painfully aware of the alternative.

Meetings are a great trap. Soon you find yourself trying to get agreement and then the people who disagree come to think they have a right to be persuaded. However, they are indispensable when you don't want to do anything.

Get the process of negotiation away from the small specialized group that some people have called the "nuclear theologians" ... Only a few people can understand the nature of these weapons ... This kept the whole discussion to a very limited group of people who, in a way, had assumed responsibility for saying whether we should live or die.

All crises have involved debt that, in one fashion or another, has become dangerously out of scale in relation to the underlying means of payment.

It is almost as important to know what is not serious as to know what is.