Knowledge is more a matter of learning than of the exercise of absolute judgment. Learning requires time, and in time the situation dealt with, as well as the learner, undergoes change.

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

Never waste any time you can spend sleeping.

...even professors of economics, to say nothing of the public, do not generally have scientific minds.

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

It is true practically if not altogether without exception that the changes studied by any science tend to equilibrate or neutralize the forces which bring them about, and finally to come to rest.

The probability of the people in power being individuals who would dislike the possession and exercise of power is on a level with the probability that an extremely tender-hearted person would get the job of whipping-master in a slave plantation.