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.

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

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.

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

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.

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

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