owning capital is not a productive activity.

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.

economics limps along with one foot in untested hypotheses and the other in untestable slogans.

Ideology is like breath: you never smell your own.

Unequal distribution of income is an excessively uneconomic method of getting the necessary saving done.

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.

we make a great fuss about national conscience, but it consists mainly in insisting upon everyone ascribing our national policy to highly moral motives, rather than in examining what our motives really are.