“Thus, increases in interest rates matter greatly for the economy as a whole. They not only cause direct reductions in investment spending and interest-sensitive consumption spending (the main intent of restrictive monetary policy), but they also may reduce aggregate demand indirectly through their impact on asset prices.”

“... economists recognize that, other things equal, cuts in tax rates reduce tax revenues in percentage terms by less than the tax-rate reductions. Similarly, tax-rate increases do not raise tax revenues by as much in percentage terms as the tax-rate increases. This is true because changes in marginal tax rates alter taxpayer behavior and thus affect taxable income.”

“... low interest rates and cheap credit also cause people to act foolishly or greedily ...”

“After all, your chances of winning a lottery and of affecting an election are pretty similar. From a financial perspective, playing the lottery is a bad investment. But it's fun and relatively cheap: for the price of a ticket, you buy the right to fantasize how you'd spend the winnings - much as you get to fantasize that your vote will have some impact on policy.”

“It occurs to me,Jim,that you spend too much time trying to be interesting. Why don't you invest more time being interested?"Collin's advice from John Gardner that he took to heart.”

“Thus, for those of us who make only a brief study of chemistry, the benefits to be expected are of an indirect nature. Increased capacity for enjoyment, a livelier interest in the world in which we live, a more intelligent attitude toward the great questions of the day--these are the by-products of a well-balanced education, including chemistry in its proper relation to other studies.”