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

Marxism is the opium of the Marxists.

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.

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

It is impossible to add the stock of money to the flow of saving.

At any moment there is certainly not balanced trade between the various areas of the habitable globe that happens to be under seperate national governments - there is an ever-changing pattern of deficits and surpluses.

A depression is a situation of self-fulfilling pessimism.