Anna Schwartz

"Enjoy the little things in life, for one day you may look back and realize they were the big things."

"The most wasted of all days is one without laughter."

"If you tell the truth, you don't have to remember anything."

"Success usually comes to those who are too busy to be looking for it."

"Don't watch the clock; do what it does. Keep going."

"The only permission you need is your own."

"The quantity theory of money is a framework for understanding inflation, not a doctrine of rigid proportionality."

"Monetary policy operates through expectations as much as through mechanical transmission mechanisms."

"We must distinguish between the long-run and short-run effects of monetary expansion."

"Historical perspective is essential for understanding economic cycles and their patterns."

"Gold standard advocates often romanticize a past that had its own instabilities."

"Central banking requires constant vigilance against the temptation to finance government spending."

"The relationship between money supply and prices is real, but the mechanisms are complex."

"Inflation is always and everywhere a monetary phenomenon in the long run."

"We learn from economic history by studying what actually happened, not what theorists predicted."

"The Great Depression was not inevitable but resulted from specific policy failures."

"Banking crises reveal the fragility of systems built on confidence alone."

"Economists must humble themselves before the data and observable reality."

"Monetary rules can provide discipline, but no rule survives without political will."

"The velocity of money is not constant; it changes with institutions and expectations."

"Financial markets discipline governments that pursue inflationary policies persistently."

"We cannot separate economic analysis from historical context."

"The lagged effects of monetary policy mean that patience and persistence matter."

"Stagflation demonstrated that simple Phillips curve relationships break down under pressure."

"Market mechanisms for price discovery are imperfect but superior to alternatives."

"Economic institutions shape behavior as much as rational actors shape institutions."

"The gold standard provided discipline but at the cost of rigidity."

"Monetary aggregates matter, but measuring them requires careful attention to definition."

"Exchange rates reflect economic fundamentals when markets are free to operate."

"Inflation erodes not just purchasing power but also the integrity of contracts."