It is the business of economists, not to tell us what to do, but show why what we are doing anyway is in accord with proper principles.

Ideology is like breath: you never smell your own.

Where is the pricing system that offers the consumer a fair choice between air to breathe and motor cars to drive about in?

It seems that neither the Keynesian nor the Marxian prognosis of the future of capitalism is being fulfilled and we are left without any particular theory as to what will happen next.

An economy may be in equilibrium from a short-period point of view and yet contain within itself incompatibilities that are soon going to knock it out of equilibrium.

It is much easier to organize control over one industry serving many markets than over one market served by the products of several industries.

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