The inborn instability of capitalism has been part of the history of the system for several hundred years, including recurrent speculative episodes. There should be no doubt in anyone's mind that we're now having another one of those speculative episodes.

The attraction of power we take for granted in politics.. But in economics...the thrust...is for pecuniary return, for money. And I have always felt that denies in the economic world a very large part of the motivation.

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

I've been a faithful reader of the great classical documents of economics, or tried to be.

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

I react pragmatically. Where the market works, I'm for that. Where the government is necessary, I'm for that. I'm deeply suspicious of somebody who says, 'I'm in favor of privatization,' or, 'I'm deeply in favor of public ownership.' I'm in favor of whatever works in the particular case.

The inborn instability of capitalism has been part of the history of the system for several hundred years, including recurrent speculative episodes. There should be no doubt in anyone's mind that we're now having another one of those speculative episodes.