You know what happiness is: 'Having a little more money than your colleagues.' And that's not so tough in academic life.

It is not easy to get rich in Las Vegas, at Churchill Downs, or at the local Merrill Lynch office.

By keeping labor supply down, immigration policy tends to keep wages high. Let us underline this basic principle: Limitation of the supply of any grade of labor relative to all other productive factors can be expected to raise its wage rate; and increase in supply will, other things being equal, tend to depress wage rates.

Two factors explain our success. One, MIT's renaissance after World War II as a federally supported research resource. Two, the mathematical revolution in macro- and micro-economic theory and statistics. This was overdue and inevitable, MIT was the logical place for it to flourish.

When the economy was going up, [Milton Friedman and I] both gave the same advice, and when the economy was going down, we gave the same advice. But in between he didn't change his advice at all.

Man does not live by GNP alone.

Politicians like to tell people what they want to hear - and what they want to hear is what won't happen.