I have been....moved to wonder whether my job is a job or a racket, whether economists, and particularly economic theorists, may not be in the position that Cicero, citing Cato, ascribed to the augurs of Rome-that they should cover their faces or burst into laugher when they met on the street.

There is no sense in making statements that will not continue to be true after they are made.

Market competition is the only form of organization which can afford a large measure of freedom to the individual.

In the long run all producers are forced to use the most efficient methods or give place to others who do.

The truth seems . . . to be that in the ultimate and essential problem the economic factor is relatively superficial and unimportant.

Goods move in response to price differences from points of low to points of higher price, the movement tending to obliterate the price difference and come to rest.

All science is static in the sense that it describes the unchanging aspects of things.