How did the economy produce all these amazing things that we have around us - computers and cell phones and so on? There were a bunch of ideas, and the good ones grew and prospered. And the bad ones were pretty ruthlessly weeded out.

The more grotesque your boss's pay and the less he has do to earn it, the bigger the motivation for you to work with the aim of being promoted to what he has.

In many ways, love seems to be totally divorced from economics. But then you realize - well, the stakes are high. This is something that matters to us. We're dealing with scarcity. I mean, if you're dating one person, at the very least, you don't have as much time to date another person. And you may well find that you can only date one person at a time.

British politicians used to be good at misleading people without actually lying.

Success Comes Through Rapidly Fixing our Mistakes Rather than Getting Things Right the First Time.

People today dont become economists to make the world a better place.

There's nothing wrong with a plan, but remember Von Moltke's famous dictum that no plan survives first contact with the enemy. The danger is a plan that seduces us into thinking failure is impossible and adaptation is unnecessary - a kind of ‘Titanic' plan, unsinkable (until it hits the iceberg).