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.

One of the main effects (I will not say purposes) of orthodox traditional economics was ... a plan for explaining to the privileged class that their position was morally right and was necessary for the welfare of society.

An economy may be in equilibrium from a short-period point of view and yet contain within itself incompatibilities that are soon going to knock it out of equilibrium.

science progresses by trial and error, and when it is forbidden to admit error there can be no progress.

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

Unemployment is a reproach to a democratic government.

At any moment there is certainly not balanced trade between the various areas of the habitable globe that happens to be under seperate national governments - there is an ever-changing pattern of deficits and surpluses.