The True Test Of Any Scholar's Work

If You Continue To Use Monetary Policy To Attempt To Promote Full Employment The Result Would Be That You Would Have Higher Inflation, And That You Would Not Have Lower Unemployment.

Money Is A Very Powerful Thing, Which You Hardly Notice When It Goes Right, But Which Can Create Havoc When It Goes Wrong.

The Soviet Experience Was Much Worse Than Experts In The West Had Thought. That Discovery Had A Tremendous Impact Both On The Intellectual Community And On The Public At Large.

When You Have A Time Of Crisis What Happens Depends On What Ideas Are Floating Around, And What Ideas Have Been Developed, And Thought Through, And Are Made Effective.

We Economists Don't Know Much, But We Do Know How To Create A Shortage. If You Want To Create A Shortage Of Tomatoes, For Example, Just Pass A Law That Retailers Can't Sell Tomatoes For More Than Two Cents Per Pound. Instantly You'll Have A Tomato Shortage. It's The Same With Oil Or Gas.