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

It is the business of economists, not to tell us what to do, but show why what we are doing anyway is in accord with proper principles.

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

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

The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists.

I do not regard the Keynesian revolution as a great intellectual triumph. On the contrary, it was a tragedy because it came so late. Hitler had already found out how to cure unemployment before Keynes had finished explaining why it occured.

A depression is a situation of self-fulfilling pessimism.