“One of the greatest pieces of economic wisdom is to know what you do not know.”

“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.”

“If you feed enough oats to the horse, some will pass through to feed the sparrows (referring to "trickle down" economics).”

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

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

“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.”

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