If we can reduce the risk of friction likely to lead to war, this is probably all we can reasonably hope to achieve.

It is rather a problem of how to secure the best use of resources known to any of the members of society, for ends whose relative importance only those individuals know.

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

To be controlled in our economic pursuits means to be controlled in everything.

One need not be a prophet to be aware of impending dangers. An accidental combination of experience and interest will often reveal events to one man under aspects which few yet see.

The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.

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.