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.

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

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

Utility is a metaphysical concept of impregnable circularity; utility is the quality in commodities that makes individuals want to buy them, and the fact that individuals want to buy commodities shows that they have utility.

Where is the pricing system that offers the consumer a fair choice between air to breathe and motor cars to drive about in?

The very nature of economics is rooted in nationalism. ... It [was] developed ... in the hope of throwing light upon questions of policy. But policy means nothing unless there is an authority to carry it out, and authorities are national.

Ideology is like breath: you never smell your own.