The growth of the Internet will slow drastically, as the flaw in 'Metcalfe's law'–which states that the number of potential connections in a network is proportional to the square of the number of participants–becomes apparent: most people have nothing to say to each other! By 2005 or so, it will become clear that the Internet's impact on the economy has been no greater than the fax machine's.

But where will the Fed find another bubble?

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.

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

Friedrich Hayek is not an important figure in the history of macroeconomics.

The trouble with poverty, as an issue, is that it has basically exhausted the patience of the general public.

Coming up with a good idea, with an insight into the way the world works that is really new and that you really believe in, is a deeply satisfying experience.