“Economics is extremely useful as a form of employment for economists.”

“The process by which wants are now synthesized is a potential source of economic instability. Production and therewith employment and social security are dependent on an inherently unstable process of consumer debt creation. This may one day falter.”

“That economics has a considerable conceptual apparatus with an appropriate terminology can not be a serious ground for complaint. Economic phenomena, ideas, instruments of analysis exist. They require names. Education in economics is, in considerable measure, an introduction to this terminology and to the ideas that it denotes. Anyone who has difficulties with the ideas should complete his education or, following an exceedingly well-beaten path, leave the subject alone. It is sometimes said that the economist has a special obligation to make himself understood because his subject is of such great and popular importance. By this rule the nuclear physicist would have to speak in monosyllables.”

“None of this excuses anyone from mastering the basic ideas and terminology of economics. The intelligent layman must expect also to encounter good economists who are difficult writers even though some of the best have been very good writers. He should know, moreover, that at least for a few great men ambiguity of expression has been a positive asset. But with these exceptions he may safely conclude that what is wholly mysterious in economics is not likely to be important.”

“Economists are generally negligent of their heroes.”

“The only function of economic forecasting is to make astrology look respectable.”

“Milton Friedman’s misfortune is that his economic policies have been tried.”