The orthodox doctrines of economics which were dominant in the last quarter of the nineteenth century had a clear message. They supported laisser faire, free trade, the gold standard, and the universally advantageous effects of the pursuit of profit by competitive private enterprise.

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

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

The point of studying economics is so as not to be fooled by economists.

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

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.

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