There are two kinds of forecasters: those who don’t know, and those who don’t know they don’t know.

In the usual (though certainly not in every) public decision on economic policy, the choice is between courses that are almost equally good or equally bad. It is the narrowest decisions that are most ardently debated.

I react to what is necessary. I would like to eschew any formula.

Preservationists are the only people in the world who are invariably confirmed in their wisdom after the fact.

But now, as throughout history, financial capacity and political perspicacity are inversely correlated.

Faced with having to change our views or prove that there is no need to do so, most of us immediately get busy on the proof.

Were it part of our everyday education and comment that the corporation is an instrument for the exercise of power, that it belongs to the process by which we are governed, there would then be debate on how that power is used and how it might be made subordinate to the public will and need. This debate is avoided by propagating the myth that the power does not exist.