"A situation where people can grow old without having a job that rewards them individually while adding to the collective well-being is morally unacceptable."

“The life cycle of family size, at least in the U.S., has a very humped shape rather similar to that of income, though with a somewhat earlier peak. As a result, one might expect, and generally finds a fairly constant rate of saving in the central age group, but lower saving or even dissaving in the very young or old.”

“Macro rational expectations, as I have labeled the hypothesis, seems to say that expectations in an economist's model must be perfectly consistent with his model that embodies these expectations. In other words, the agents of his model must all share his views of the relevant economic mechanisms, as well as his data. Why? Because if he holds them they must believe they are God's truth and, if so, rational people can have no other views . I submit that this view is pretty absurd--I would almost say offensive! I certainly believe that I know more about economics and the economy than everybody else, and i can even prove it: If everybody shared my vies, then the economy could not be in today's troubles .”