Sooner or later the Internet will become profitable. It's an old story played before by canals, railroads and automobiles.

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

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.

I don't care who writes a nation's laws - or crafts its advanced treaties - if I can write its economics textbooks.

Man does not live by GNP alone.

Second, they [those who disagree with market efficiency] always claim they know a man, a bank, or a fund that does do better. Alas, anecdotes are not science. And once Wharton School dissertations seek to quantify the performers, these have a tendency to evaporate into the air - or, at least, into statistically insignificant t-statistics.

I'm not sure most of the people that get caught up in the middle of a bubble can be described as irrational. It seems pretty rational to buy a house and flip it in the next few weeks at a profit when that's been happening for along time.