By any reasonable criteria, the discipline of economics as a whole, in its present state, is sadly lacking.

Despite the high salaries involved, employing economists is a cost-effective way for banks, and stockbrokers to secure exposure in the media.

We need to abandon the economist's notion of the economy as a machine, with its attendant concept of equilibrium. A more helpful way of thinking about the economy is to imagine it as a living organism.

Many Europeans, while admiring the strength and power of the American economy, undoubtedly feel that the system of social values which prevails in the United States, manifested in the acute problems evident in the inner cities and the level of violent crime, for example, leaves much to be desired.

Once the true relationship between inflation and unemployment is understood, with luck and skill, a free lunch is possible.

The behavior of the economy as a whole, at the aggregate, macro-level, is built up from the individual equations at the micro-level.

Even in financial markets, the concept of market efficiency does not hold.