Most work in macroeconomics in the past 30 years has been useless at best and harmful at worst.

Rising inequality isn’t about who has the knowledge; it’s about who has the power.

You really have to go searching desperately to find any contemporary examples of good, old-fashioned runaway inflation.

I think so long as fossil fuels are cheap, people will use them and it will postpone a movement towards new technologies.

When depression economics prevails, the usual rules of economic policy no longer apply: virtue becomes vice, caution is risky and prudence is folly.

It's a funny thing, by the way, how people who love free markets are also quite sure that they know that investors are being irrational.

I've always believed that a speculative bubble need not lead to a recession, as long as interest rates are cut quickly enough to stimulate alternative investments. But I had to face the fact that speculative bubbles usually are followed by recessions. My excuse has been that this was because the policy makers moved too slowly - that central banks were typically too slow to cut interest rates in the face of a burst bubble, giving the downturn time to build up a lot of momentum.