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 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.

There is an unearthly, mystical element in Friedman's thought. The mere existence of a stock of money somehow promotes expenditure. But insofar as he offers an intelligible theory, it is made up of elements borrowed from Keynes.

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.

Ideology is like breath: you never smell your own.

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

Capital' is not what capital is called, it is what its name is called.