On the other hand, the economists are at this moment called upon to say how to extricate the free world from the serious threat of accelerating inflation which, it must be admitted, has been brought about by policies which the majority of economists recommended and even urged governments to pursue. We have indeed at the moment little cause for pride: as a profession we have made a mess of things.

The Nobel Prize confers on an individual an authority which in economics no man ought to possess. This does not matter in the natural sciences. Here the influe…

It seems to me that this failure of the economists to guide policy more successfully is closely connected with their propensity to imitate as closely as possib…

I feared that such a prize, as I believe is true of the activities of some of the great scientific foundations, would tend to accentuate the swings of scientif…

All my adult life I have seen British governments driven off their virtuous pursuit of low inflation by market problems or political pressures. I was under no …

We had to dispel the notion that the way to economic success lies through a sort of fiscal levitation. That was the abiding post-war delusion-that governments …

The stock of money, prices and output was decidedly more unstable after the establishment of the Reserve System than before. The most dramatic period of instab…