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.

Economics has never been a science - and it is even less now than a few years ago.

I spent the four years I was an undergraduate working on the beach. And it wasn't because I was lazy; it was because my freshman class would go to a hundred different employers and wouldn't get a nibble.

Man does not live by GNP alone.

Reasonable men are not reasonable when you're in the bubbles which have characterized capitalism since the beginning of time.

The niceties of existence were not a matter of concern, yet everything around was closed down most of the time. If you lived in a middle-class community in Chicago, children and adults came daily to the door saying, 'We are starving, how about a potato?' I speak from poignant memory.

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