I am often asked by would-be entrepreneurs seeking escape from life within huge corporate structures, ‘How do I build a small firm for myself?’ The answer seems obvious: Buy a very large one and just wait.

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

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

The reader might reflect that an awful lot of supposing has to take place in order for the quantity theory of money to be true.

The model of competitive equilibrium which has been discussed so far is set in a timeless environment. People and companies all operate in a world in which there is no future and hence no uncertainty.

Books proliferate, and occasionally sell in very large numbers, which claim to have found the rule, or small set of rules, which will guarantee business success. But business is far too complicated, far too difficult an activity to distil into a few simple commands ... It is failure rather than success which is the distinguishing feature of corporate life.

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