An economy may be in equilibrium from a short-period point of view and yet contain within itself incompatibilities that are soon going to knock it out of equilibrium.

Not only subjective poverty is never overcome by growth, but absolute poverty is increased by it. ... Absolute misery grows while wealth increases.

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

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.

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

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

A depression is a situation of self-fulfilling pessimism.