Marx, however imperfectly he worked out the details, set himself the task of discovering the law of motion of capitalism, and if there is any hope of progress in economics at all, it must be in using academic methods to solve the problems posed by Marx.

Whatever you can rightly say about India, the opposite is also true.

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.

It is a popular error that bureaucracy is less flexible than private enterprise. It may be so in detail, but when large scale adaptations have to be made, central control is far more flexible. It may take two months to get an answer to a letter from a government department, but it takes twenty years for an industry under private enterprise to readjust itself to a fall in demand.

Not only subjective poverty is never overcome by growth, but absolute poverty is increased by it. ... Absolute misery grows while wealth increases.

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.

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