There is no such thing as economics, only social science applied to economic problems.

[There will be movement toward] behavioral economics... [which] involves study of those aspects of men's images, or cognitive and affective structures that are more relevant to economic decisions.

Justification, in terms of the broadening of freedom, for any particular form of institution of property must be argued in terms of whether the losses caused by the restrictions imposed are greater or less than the gains derived from the elimination of costly conflict.

The ability to work with systems of general equilibrium is perhaps one of the most important skills of the economist - a skill which he shares with many other scientists, but in which he has perhaps a certain comparative advantage.

The controversy as to whether socialism is possible has been settled by the fact that it exists, and it is a fundamental axiom of my philosophy, at any rate, that anything that exists, is possible.

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.

Accounting for the most part, remains a legalistic and traditional practice, almost immune to self-criticism by scientific methods.