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

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

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

The stock market has predicted nine of the last five recessions.

Kelsoism is not accepted by modern scientific economics as a valid and fruitful analysis of the distribution of income but rather it is regarded as an amateurish and cranky fad.

Two-thirds of a century after [The Road to Serfdom] got written, hindsight confirms how inaccurate its innuendo about the future turned out to be.

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.