Economic problems have no sharp edges. They shade off imperceptibly into politics, sociology, and ethics. Indeed, it is hardly an exaggeration to say that the ultimate answer to every economic problem lies in some other field.

Nothing fails like success, because we do not learn anything from it. We only learn from failure, but we do not always learn the right things from failure. If there is a failure of expectations, that is, if the messages that we receive are not the same as those we expected, we can make three possible inferences.

Knowledge exists in minds, not in books. Before what has been found can be used by practitioners, someone must organize it, integrate it, extract the message.

Economic problems have no sharp edges. They shade off imperceptibly into politics, sociology, and ethics. Indeed, it is hardly an exaggeration to say that the ultimate answer to every economic problem lies in some other field.

The love of God again makes us free, for it draws us to set a low value on those things wherein we are subject to others - our wealth, our position, our reputation, and our life - and to set a high value on those things which no man can take from us - our integrity, our righteousness, our love for all men, and our communion with God.

It is absurd to suppose we can think of nature as a system apart from knowledge, for it is knowledge that is increasingly determining the course of nature.

Economists are like computers. They need to have facts punched into them.