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.

Without the heroic, man has no meaning; without the economic, he has no sense. Economic man is most likely to be economic woman - a good wife, pulling the coat tails of her heroic husband, checking his extravagances of speech and action with words of caution and good sense. But without the heroic coat tails to pull, life for both of them would be dull and savorless indeed.

If we saw tomorrow's newspaper today, tomorrow would never happen.

It is clear that the building of models is not a purely mechanical process but requires skill of a high order - not merely mathematical skill but a sensitivity to the relative importance of different factors and a critical, almost an artistic, faculty in the selection of behaviour equations which are reasonable, tentative hypotheses in explaining the behaviour of actual economies.

The economy of the future might be called the "spaceman economy," in which the earth has become a single spaceship, without unlimited reservoirs of anything.

In 1859 the human race discovered a huge treasure chest in its basement. This was oil and gas, a fantastically cheap and easily available source of energy. We did, or at least some of us did, what anybody does who discovers a treasure in the basement - live it up, and we have been spending this treasure with great enjoyment