Any man who is only an economist is unlikely to be a good one.

We shall all be the gainers if we can create a world fit for small states to live in.

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

It is of the essence of the demand for equality before the law that people should be treated alike in spite of the fact that they are different.

I regard it in fact as the great advantage of the mathematical technique that it allows us to describe, by means of algebraic equations, the general character of a pattern even where we are ignorant of the numerical values which will determine its particular manifestation.

Nothing is more securely lodged than the ignorance of the experts.

A general flat minimum-wage law for all industry is permissible, but I do not think that it is a particularly wise method of achieving the end. I know much better methods of providing a minimum for everybody. But once you turn from laying down a general minimum for all industry to decreeing particular and different minimum for different industries, then, of course, you make the price mechanism inoperative, because it is no longer the price mechanism which will guide people between industries and trades.