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

If there is any law governing the distribution of income between classes, it still remains to be discovered.

The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists.

If a rise in wages does not raise prices, a fall will not reduce them.

The orthodox doctrines of economics which were dominant in the last quarter of the nineteenth century had a clear message. They supported laisser faire, free trade, the gold standard, and the universally advantageous effects of the pursuit of profit by competitive private enterprise.

There is an unearthly, mystical element in Friedman's thought. The mere existence of a stock of money somehow promotes expenditure. But insofar as he offers an intelligible theory, it is made up of elements borrowed from Keynes.

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