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.

If there is any law governing the distribution of income between classes, it still remains to be discovered.

If a rise in wages does not raise prices, a fall will not reduce them.

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

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

Capitalism with near-full employment was an impressive spectacle. But a growth in wealth is not at all the same thing as reducing poverty. A universal paean was raised in praise of growth. Growth was going to solve all problems. No need to bother about poverty. Growth will lift up the bottom and poverty will disappear without any need to pay attention to it. The economists, who should have known better, fell in with the same cry.

It is much easier to organize control over one industry serving many markets than over one market served by the products of several industries.