The oldest [John Kenneth] Galbraith rule is that when you hear that a new era has dawned, you should take cover.

When people are least sure, they are often most dogmatic.

One of the greatest pieces of economic wisdom is to know what you do not know.

Milton Friedman’s misfortune is that his economic policies have been tried.

When you see reference to a new paradigm you should always, under all circumstances, take cover.

World War II revealed two of the enduring features of the Keynesian Revolution. One was the moral difference between spending for welfare and spending for war. During the Depression very modest outlays for the unemployed seemed socially debilitating, economically unsound. Now expenditures many times greater for weapons and soldiers were perfectly safe. It's a difference that still persists.

There can be no question, however, that prolonged commitment to mathematical exercises in economics can be damaging. It leads to the atrophy of judgement and intuition. . .