owning capital is not a productive activity.

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

A depression is a situation of self-fulfilling pessimism.

The nature of technology depends very much upon what the public can be induced to put up with.

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

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.

The fundamental differences between Marxian and traditional orthodox economics are, first, that the orthodox economists accept the capitalist system as part of the eternal order of Nature, while Marx regards it as a passing phase in the transition from the feudal economy of the past to the socialist economy of the future.