The sense of responsibility in the financial community for the community as a whole is not small. It is nearly nil.

To see economic policy as a problem of choice between rival ideologies is the greatest error of our time.

The spirit should never grow old.

There is certainly no absolute standard of beauty. That precisely is what makes its pursuit so interesting.

In Europe and the United States the two decades following the Second World War will for long be remembered as a very good time, the time when capitalism really worked. Everywhere in the industrialized countries production increased. Unemployment was everywhere low. Prices were nearly stable. When production lagged and unemployment rose, governments intervened to take up the slack, as Keynes had urged.

In economics, hope and faith coexist with great scientific pretension and also a deep desire for respectability.

There is an enormous thrust in our time to have a simple answer. And that simple answer is that all depends on Alan Greenspan and the Federal Reserve. And Alan, who is an old acquaintance of mine, is a marvelous performer in the impression he gives of enormously great perception.