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

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

Capitalism with near-full employment was an impressive spectacle. But a growth in wealth is not at all the same thing as reducing poverty. A universal paean was raised in praise of growth. Growth was going to solve all problems. No need to bother about poverty. Growth will lift up the bottom and poverty will disappear without any need to pay attention to it. The economists, who should have known better, fell in with the same cry.

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.

Economic theorists should not make such a production about taking a rabbit out of a hat after having put the rabbit into the hat in full view of the audience.

The point of studying economics is so as not to be fooled by economists.

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