People don't realize that we cannot forecast the future. What we can do is have probabilities of what causes what, but that's as far as we go. And I've had a very successful career as a forecaster, starting in 1948 forward. The number of mistakes I have made are just awesome. There is no number large enough to account for that.
Forecasting our futures is built into our psyches because we will soon have to manage that future. We have no choice. No matter how often we fail, we can never stop trying.
I was a good amateur but only an average professional. I soon realized that there was a limit to how far I could rise in the music business, so I left the band and enrolled at New York University.
I wasn't able to do much reading when I was chairman of the Reserve Board. The workload was too large, and the luxury of reading was not available to me. So I caught up a good deal when I left office.
Every economy exists, no matter what the level of democracy, has elements of crony capitalism. It's - given human nature and given the democratic structures, which we all, I assume, adhere to, that is an inevitable consequence.
I was sort of shocked when it all of a sudden turned out that I got all A's through college, with the exception of two B's in the first term. I never envisaged myself as summa cum laude.
I was a fairly good amateur musician, and I was an average professional. But the one thing I saw was that the big band business was fading.
I get so engaged when I have a problem you cannot solve that I just cannot break away from what I am doing - I keep thinking and thinking and cannot stop.
If I turn out to be particularly clear, you've probably misunderstood what I've said.
The only way to have several currencies from divergent nations lumped together is if they are culturally close, such as Germany, the Netherlands and Austria. If they aren't, it simply can't continue to work.
Fear invariably and universally induces disengagement, and disengagement is negative division of labor.
One of the major problems with China is that its innovation is largely borrowed technology.
I was a fairly good amateur musician, and I was an average professional. But the one thing I saw was that the big band business was fading. So I made an economic decision, and it turned out the best judgment I ever made in my life.
