One of the peculiarities of economics is that it still rests on a behavioral assumption-rational utility maximization-that has long since been rejected by sociologists and psychologists.

Change requires individuals who recognize that new things can be done and who take the initiative to get them done ... The existing bureaucracies, public and private, will not take on the job of changing what is.

We've believed for 50 years that the Japanese are small Americans who wanted to be like us. They are not.

AT&T invented the cellular telephone, but saw no future in it. It takes entrepreneurs, who are angels of destruction, to take advantage of things which the inventor cannot or does not see.

A competitive world offers two possibilities. You can lose. Or, if you want to win, you can change.

Economists are always recommending the elimination of this or that market imperfection ... no astrophysicist recommends the elimination of planets that he does not like.

Major investment decisions have become too important to be left to the private sector.