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.

Reality is never a golden age.

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

we make a great fuss about national conscience, but it consists mainly in insisting upon everyone ascribing our national policy to highly moral motives, rather than in examining what our motives really are.

economics limps along with one foot in untested hypotheses and the other in untestable slogans.

When I came up to Cambridge (in October 1921) to read economics, I did not have much idea of what it was about.

Voltaire remarked that it is possible to kill a flock of sheep by witchcraft if you give them plenty of arsenic at the same time. The sheep, in this figure, may well stand for the complacent apologists of capitalism; Marx's penetrating insight and bitter hatred of oppression supply the arsenic, while the labour theory of value provides the incantations.