Utility is a metaphysical concept of impregnable circularity; utility is the quality in commodities that makes individuals want to buy them, and the fact that individuals want to buy commodities shows that they have utility.

Rosa Luxemburg maintained that the capitalist system can keep up its rate of investment (and therefore its profits) only so long as it is expanding geographically.

Unequal distribution of income is an excessively uneconomic method of getting the necessary saving done.

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.

But, as soon as speculators become an important influence in the market, their business is to speculate on each others behaviour.

When I came up to Cambridge (in October 1921) to read economics, I did not have much idea of what it was about.

A depression is a situation of self-fulfilling pessimism.