On the political as on the economic front it's important not to fall into the "not as bad as" trap. High unemployment isn't O.K. just because it hasn't hit 1933 levels; ominous political trends shouldn’t be dismissed just because there’s no Hitler in sight.

The science fiction world has a lot of people doing seriously imaginative thinking.

Outrageous fiscal mendacity is neither historically normal nor bipartisan. It’s a modern Republican thing.

I predict that in the years ahead Enron, not Sept. 11, will come to be seen as the greater turning point in U.S. society.

These days, however, the main problem comes from the right - from conservatives who, unlike most economists, really do think that the free market is always right - to such an extent that they refuse to believe even the most overwhelming scientific evidence if it seems to suggest a justification for government action.

We should try to create the society each of us would want if we didn't know in advance who we'd be.

Under the gold standard America had no major financial panics other than in 1873, 1884, 1890, 1893, 1907, 1930, 1931, 1932, and 1933.