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

New ideas are difficult just because they are new. Repetition has somehow plastered over the gaps and inconsistencies in the old ones, and the new cannot penetrate.

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

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.

Progress is slow partly from mere intellectual inertia. In a subject where there is no agreed procedure for knocking out errors, doctrines have a long life. A professor teaches what he was taught, and his pupils, with a proper respect and reverence for teachers, set up a resistance against his critics for no other reason than that it was he whose pupils they were.

There is no such thing as a normal period of history. Normality is a fiction of economic textbooks.

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.