I must confess that if I had been consulted whether to establish a Nobel Prize in economics, I should have decidedly advised against it.

We have indeed at the moment little cause for pride: as a profession we have made a mess of things.

It is perhaps the most characteristic feature of the intellectual that he judges new ideas not by their specific merits but by the readiness with which they fit into his general conceptions, into the picture of the world which he regards as modern or advanced.

We must shed the illusion that we can deliberately 'create the future of mankind'

Personally I prefer a liberal dictator to democratic government lacking liberalism.

Why should we, however, in economics, have to plead ignorance of the sort of facts on which, in the case of a physical theory, a scientist would certainly be expected to give precise information?

Once you admit that the individual is merely a means to serve the ends of the higher entity called society or the nation, most of those features of totalitarianism which horrify us follow of necessity