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

In all the talk in the Principles (as opposed to the formal analysis) it is not the saving of rentiers but the energy of entrepreneurs which governs accumulation.

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

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

Income from property is not the reward of waiting, it is the reward of employing a good stockbroker.

One of the main effects (I will not say purposes) of orthodox traditional economics was ... a plan for explaining to the privileged class that their position was morally right and was necessary for the welfare of society.

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.