The sad truth is that it is precisely those who disagree most with the hypothesis of efficient market pricing of stocks, those who pooh-pooh beta analysis and all that, who are least able to understand the analysis needed to test that hypothesis.

Macroeconomics, even with all of our computers and with all of our information - is not an exact science and is incapable of being an exact science.

We are like highly trained athletes, who never run a race.

Thousands of important and intelligent men have never been able to grasp the principle of comparative advantage or believe it even after it was explained to them

In this age of specialization, I sometimes think of myself as the last 'generalist' in economics, with interests that range from mathematical economics down to current financial journalism. My real interests are research and teaching.

What we know about the global financial crisis is that we don't know very much.

Every good cause is worth some inefficiency.