Theories are not rejected by cirsumstantial evidence: it takes a theory to beat a theory.

Why, when the economist gives advice to his society, is he so often cooly ignored? He never ceases to preach free trade, and protectionism is growing in the United States. He deplores the perverse effects of minimum wage laws, and the legal minimum is regularly raised each 3 or 5 years. He brands usury laws as a medieval superstition, but no state hurries to repeal its law.

I started working and publishing in price theory by 1938.

Henry Ford made a lot of money making cars at one time, but that was a small advantage to him compared to the benefit to millions of people who for the first time in their lives were emancipated from common public carriers and could live where they wanted, move at the hours they wanted, to the places they wanted. Ford collected a billion bucks, but that was peanuts compared to the benefits.

Competition is a tough weed, not a delicate flower.

A Swedish physicist can not discuss his work with fifty people unless he goes abroad. A Swedish economist can get opinions and instructions in his native language from thousands upon thousands of his fellow citizens.

Theories are not rejected by cirsumstantial evidence: it takes a theory to beat a theory.