In this age of specialization, I sometimes think of myself as the last 'generalist' in economics, with interests that range from mathematical economics down to current financial journalism. My real interests are research and teaching.

I can't think of a president who has been overburdened by a knowledge of economics.

I think economics - and this is what I've tried to impart - has a tremendous amount of human interest in it.

What we know about the global financial crisis is that we don't know very much.

To a person of analytical ability, perceptive enough to realise that mathematical equipment was a powerful sword in economics, the world of economics was his or her oyster in 1935. The terrain was strewn with beautiful theorems begging to be picked up and arranged in unified order.

Economics is a choice between alternatives all the time. Those are the trade-offs.