[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.

The world moves into the future as a result of decisions, not as a result of plans. Plans are significant only insofar as they affect decisions.

If a totally new image is to come into being however, there must be sensitivity to internal messages, the image itself must be sensitive to change, must be unstable, and it must include a value image which places high value on trials, experiments, and the trying of new things.

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

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.

All knowledge is gained through an orderly loss of information.

Economic progress means the discovery and application of better ways of doing things to satisfy our wants. The piping of water to a household that previously dragged it from a well, the growing of two blades of grass where one grew before, the development of a power loom that enables one man to weave ten times as much as he could before, the use of steam power and electric power instead of horse or human power - all these things clearly represent economic progress.