Macroeconomics, even with all of our computers and with all of our information - is not an exact science and is incapable of being an exact science.

Macroeconomics, even with all of our computers and with all of our information - is not an exact science and is incapable of being an exact science.

Economists are said to disagree too much but in ways that are too much alike: If eight sleep in the same bed, you can be sure that, like Eskimos, when they turn over, they'll all turn over together.

Even if this advice to portfolio decision makers to drop dead is good advice, it obviously is not counsel that will be eagerly followed. Few people will commit suicide without a push. And fewer still will pay good money to be told to do what is against human nature and self-interest to do.

Perhaps there really are managers who can outperform the market consistently - logic would suggest that they exist. But they are remarkably well-hidden.

Marshall's crime is to pretend to handle imperfect competition with tools only applicable to perfect competition.

That's what I would like to do until the end of time, to go on scribbling my articles on the third floor of the Sloan Building, in between playing tennis and drinking coffee at my other study in the Concord Avenue branch of Burger King.