People want more and more leisure time which means the freedom to do what they want to do, not what they have to do, and as we get richer and richer,… - Robert Fogel

As we get rich, the basics of life--food, clothing and shelter--become a very small part of total expenditure. And people have enough money to purchase things that enhance them spiritually and I mean the word spiritual not necessarily in a religious sense but in the sense that it adds to your feeling of well-being.

The president has very little effect on the economy. If you want to put blame or credit, the main person who influences the business cycle is the head of the Federal Reserve Bank.

Economic history has contributed significantly to the formulation of economic theory. Among the economists who have found history an important source for their ideas are Smith, Malthus, Marx, Marshall, Keynes, Hicks, Arrow, Friedman, Solow, and Becker. Failure to take account of history, as Simon Kuznets (1941) stressed, has often led to a misunderstanding of current economic problems by investigators who have not realized that their generalizations rested upon transient circumstances. Nowhere is the need to recognize the role of long-run dynamics more relevant than in such pressing current issues as medical care, pension policies, and development policies.