It appears to me that one great cause of our difference in opinion on subjects which we often discuss is that you have always in mind the immediate and temporary effects of particular changes, whereas I put these effects quite aside, and fix my whole attention on the long-term effects that will result from them.

There is no way of keeping profits up but by keeping wages down.

Called an inquiry into the laws which determine the division of the produce.

It is here we come to the heart of the matter. The economic principle of comparative advantage', 'a country may, in return for manufactured commodities, import corn even if it can be grown with less labour than in the country from which it is imported

The demand for money is regulated entirely by its value, and its value by its quantity.

Whether a bank lent one million, ten million, or a hundred millions, they would not permanently alter the market rate of interest; they would alter only the value of the money they issued.

Gold, on the contrary, though of little use compared with air or water, will exchange for a great quantity of other goods.