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.

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

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.

The misery of being exploited by capitalists is nothing compared to the misery of not being exploited at all.

Unequal distribution of income is an excessively uneconomic method of getting the necessary saving done.

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

It seems that neither the Keynesian nor the Marxian prognosis of the future of capitalism is being fulfilled and we are left without any particular theory as to what will happen next.