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

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

Getting on the cover of TIME guarantees the existence of opposition in the future.

The stock market is but a mirror which provides an image of the underlying or fundamental economic situation. Cause and effect run from the economy to the stock market, never the reverse. In 1929 the economy was headed for trouble. Eventually that trouble was violently reflected in Wall Street.

In all life one should comfort the afflicted, but verily, also, one should afflict the comfortable, and especially when they are comfortably, contentedly, even happily wrong.

The individual serves the planning system not by supplying it with savings and the resulting capital; he serves it far more by consuming its products.

Nothing is so admirable in politics as a short memory.