"It is unnecessary to attempt any general rule as to where the overall balance lies in comparing the respective costs of knowledge in larger and smaller decision-making units. What is important is to understand that the respective cost advantages of the large and small units differ according to the kind of knowledge involved , that most decisions involve mixtures of the two kinds of knowledge, so that the net advantages of the larger and smaller units vary with the kind of decision, and the effectiveness of hierarchical subordination varies with the extent to which the subordinate unit has knowledge advantages over the higher unit."

“Understanding the limitations of human beings is the beginning of wisdom.”

“Most problems do not get solved. They get superseded by other concerns.”

“People who pride themselves on their "complexity" and deride others for being "simplistic" should realize that the truth is often not very complicated. What gets complex is evading the truth.”

“It is amazing how many people think that they can answer an argument by attributing bad motives to those who disagree with them. Using this kind of reasoning, you can believe or not believe anything about anything, without having to bother to deal with facts or logic.”

“The fact that so many successful politicians are such shameless liars is not only a reflection on them, it is also a reflection on us. When the people want the impossible, only liars can satisfy.”

“The greatness of a free-market economy is that it does not depend upon the wisdom of those who happen to be on top at the moment.”