I obtained a Woodrow Wilson Doctoral Fellowship and entered the graduate program in History at the University of California. With no Greek or French and minimal Latin and German, I was in no position to pursue my classical interests, so I began work at Berkeley with little more than an open mind.

The central predictions of the quantity theory are that, in the long run, money growth should be neutral in its effects on the growth rate of production and should affect the inflation rate on a one-for-one basis.

From the beginnings of modern monetary theory, in David Hume's marvelous essays of 1752, 'Of Money and Of Interest,' conclusions about the effect of changes in money have seemed to depend critically on the way in which the change is effected.

Robert Lucas, Jr. Quotes