Even if the crises that are looming up are overcome and a new run of prosperity lies ahead, deeper problems will still remain. Modern capitalism has no purpose except to keep the show going.

There is no such thing as a normal period of history. Normality is a fiction of economic textbooks.

The very nature of economics is rooted in nationalism. ... It [was] developed ... in the hope of throwing light upon questions of policy. But policy means nothing unless there is an authority to carry it out, and authorities are national.

Progress is slow partly from mere intellectual inertia. In a subject where there is no agreed procedure for knocking out errors, doctrines have a long life. A professor teaches what he was taught, and his pupils, with a proper respect and reverence for teachers, set up a resistance against his critics for no other reason than that it was he whose pupils they were.

science progresses by trial and error, and when it is forbidden to admit error there can be no progress.

It is the rate of investment which governs the rate of saving, and not vice versa.

The nature of technology depends very much upon what the public can be induced to put up with.