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

In my youth it was said that what was too silly to be said may be sung. In modern economics it may be put into mathematics.

A firm, therefore, consists of the system of relationships which comes into existence when the direction of resources is dependent on an entrepreneur... As a firm gets larger, there may be decreasing returns to the entrepreneur function, that is, the costs of organising additional transactions within the firm may rise.

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

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

I can't remember one [example of regulation] that's good. Regulation of transport, regulation of agriculture - agriculture is a, zoning is z. You know, you go from a to z, they are all bad. There were so many studies, and the result was quite universal: The effects were bad.

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.