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

Baseball players or cricketers do not need to be able to solve explicitly the non-linear differential equations which govern the flight of the ball. They just catch it.

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.

The temptation to use mathematics is irresistible for economists. It appears to convey the appropriate air of scientific authority and precision to economists' musings.

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

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.