"In the long run the facts win out. The fanatical simplicities perish in the Darwinian struggle for survival of useful principle. To illustrate this, listen to what I used to say to one of my generation's leading economists (a warm friend with a strong ideology that differed considerably from my own eclectic value judgments and methodology): You are a brilliant scholar, dazzlingly creative, with clear-cut economic convictions. But for you, things are either simply absurd or absurdly simple. Indeed the good fairies gave you every gift save one—the invaluable gift of "maybe.""
January 1, 1970