In public administration good sense would seem to require that public expectation be kept at the lowest possible level in order to minimize eventual disappointment.

Authorship of any sort is a fantastic indulgence of the ego.

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

The questions that are beyond the reach of economics-the beauty, dignity, pleasure and durability of life-may be inconvenient but they are important.

Those who had been riding the upward wave decide now is the time to get out. Those who thought the increase would be forever find their illusion destroyed abruptly, and they, also, respond to the newly revealed reality by selling or trying to sell. And thus the rule, supported by the experience of centuries: the speculative episode always ends not with a whimper but with a bang.

No politician can praise unemployment or inflation, and there is no way of combining high employment with stable prices that does not involve some control of income and prices. Otherwise the struggle for more consumption and more income to sustain it-a struggle that modern corporations, modern unions and modern democracy all facilitate and encourage-will drive up prices. Only heavy unemployment will then temper this upward thrust. Not many wish to confront the truth that the modern economy gives a choice only between inflation, unemployment, or controls.

I talked about the consolidation of power in the hands of the corporate bureaucracy, as distinct from the stockholders. To this view, I still strongly adhere.