It is the rate of investment which governs the rate of saving, and not vice versa.

Rosa Luxemburg maintained that the capitalist system can keep up its rate of investment (and therefore its profits) only so long as it is expanding geographically.

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

But, as soon as speculators become an important influence in the market, their business is to speculate on each others behaviour.

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.

It is the business of economists, not to tell us what to do, but show why what we are doing anyway is in accord with proper principles.

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