In economics it is a far, far wiser thing to be right than to be consistent |
In economics, hope and faith coexist with great scientific pretension and also a deep desire for respectability. |
In economics, the majority is always wrong. |
In the choice between changing ones mind and proving there's no need to do so, most people get busy on the proof. |
In the United States, though power corrupts, the expectation of power paralyzes. |
In the usual (though certainly not in every) public decision on economic policy, the choice is between courses that are almost equally good or equally bad. It is the narrowest decisions that are most ardently debated. If the world is lucky enough to enjoy peace, it may even one day make the discovery, to the horror of doctrinaire free-enterprisers and doctrinaire planners alike, that what is called capitalism and what is called socialism are both capable of working quite well. |
Increasingly in recent times we have come first to identify the remedy that is most agreeable, most convenient, most in accord with major pecuniary or political interest, the one that reflects our available faculty for action; then we move from the remedy so available or desired back to a cause to which that remedy is relevant. |
Inflation does not lubricate trade but by rescuing traders from their errors of optimism or stupidity |
Inventions that are not made, like babies that are not born, are not missed. |
It is a commonplace of modern technology that problems have solutions before there is knowledge of how they are to be solved |
It is a far, far better thing to have a firm anchor in nonsense than to put out on the troubled seas of thought. |
It is almost as important to know what is not serious as to know what is. |
It is not necessary to advertise food to hungry people, fuel to cold people, or houses to the homeless. |
It would be foolish to suggest that government is a good custodian of aesthetic goals. But, there is no alternative to the state. |
Liberalism is, I think, resurgent. One reason is that more and more people are so painfully aware of the alternative. |