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

If we made an income pyramid out of a child's blocks, with each layer portraying $1,000 of income, the peak would be far higher than the Eiffel Tower, but almost all of us would be within a yard of the ground.

Self-deception ultimately explains Japan's plight. The Japanese have never accepted that change is in their interest - and not merely a response to U.S. criticism.

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

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.

But the trouble is that he [Alan Greenspan] had been an Ayn Rander. You can take the boy out of the cult but you can't take the cult out of the boy.