“There are no easy choices. Easy choices are long gone.”

Then fear hits, and it comes down very sharply. When I started to look at that.

If we are to remain preeminent in transforming knowledge into economic value, America’s system of higher education must remain the world’s leader in generating scientific and technological breakthrough, and in meeting the challenge to educate workers.

I’m a better economist than I was a sax player.

I’m a plain soap kind of guy.

It’s hard to overemphasize how important Ford’s deregulation was. True, most of the benefits took years to unfold-rail freight rates, for example hardly budged at first.

Amateurs want to be right. Professionals want to make money.

Gold, unlike all other commodities, is a currency…and the major thrust in the demand for gold is not for jewelry.

Political decisions are never random and will always lose out to innovative alternatives.

Well, you probably will always believe there should be laws against fraud, and I don’t think there is any need for a law against fraud.

There’s an interesting question here because if the gold price broke in that context, the thermometer would not be just a measuring tool. It would basically affect the underlying psychology.

Whatever you tax you get less of.

The only sustainable way to increase demand for vacant houses is to spur the formation of new households. Admitting more skilled immigrants, who tend to earn enough to buy homes, would accomplish that while paying other dividends to the U.S. economy.

These days, even out of office, I still read economic reports.

Now, I only play very occasionally, and in fact, more piano than clarinet or sax.

No matter how skillful the trading scheme, over the long haul, abnormal returns are sustained only through abnormal exposure to risk.

Need to consider not only the most likely future path for the economy but also the distribution of possible outcomes about that path.

Take away a nation’s heritage and they are more easily persuaded.

Do not pray for an easy life, pray for the strength to endure a difficult one.

I’m really easy to get along with once you see it my way.

Complete abstinence is easier than perfect moderation.

All truths are easy to understand once they are discovered; the point is to discover them.

That love doesn’t come easily and that relationships are supposed to be a struggle.

It is not easy to live in the light. The light makes us see many ugly things within us: vices, pride, the worldly spirit.

The gates of Hell are open night and day; smooth the descent and easy is the way.