Outside the firm, price movements direct production, which is co-ordinated through a series of exchange transactions on the market. Within a firm, these market transactions are eliminated and in place of the complicated market structure with exchange transactions is substituted the entrepreneur-co-ordinator, who directs production.

Ronnie had it right calling it Torture. That is a much more accurate description the way I see it.

If economists wished to study the horse, they wouldn’t go and look at horses. They’d sit in their studies and say to themselves, "what would I do if I were a horse?"

If you torture the data long enough, it will confess.

We must first note that economic factors are taken into account in a world in which ignorance, prejudice, and mental confusion, encouraged rather than dispelled by the political organization, exert a strong influence on policy making.

Existing economics is a theoretical system which floats in the air and which bears little relation to what happens in the real world.

I hate when people ask me to: "Massage the data".