Economics Is Not An Exact Science.

Faced With Having To Change Our Views Or Prove That There Is No Need To Do So, Most Of Us Immediately Get Busy On The Proof.

Agriculture Is One Economic Activity That Does Not Obey The Laws Of Demand And Supply.

The Inborn Instability Of Capitalism Has Been Part Of The History Of The System For Several Hundred Years.

Washington Is A Place Where Men Praise Courage And Act On Elaborate Personal Cost-benefit Calculations.

The Oldest Problem In Economic Education Is How To Exclude The Incompetent. A Certain Glib Mastery Of Verbiage-the Ability To Speak Portentously And Sententiously About The Relation Of Money Supply To The Price Level-is Easy For The Unlearned And May Even Be Aided By A Mildly Enfeebled Intellect. The Requirement That There Be Ability To Master Difficult Models, Including Ones For Which Mathematical Competence Is Required, Is A Highly Useful Screening Device.