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.

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

I don't care very much for the People Magazine approach to applied economics.

The consumer, so it is said, is the king each is a voter who uses his money as votes to get the things done that he wants done.

A growing nation is the greatest ponzi game ever contrived.

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

Investing should be more like watching paint dry or watching grass grow. If you want excitement, take $800 and go to Las Vegas.