At any moment there is certainly not balanced trade between the various areas of the habitable globe that happens to be under seperate national governments - there is an ever-changing pattern of deficits and surpluses.

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

Income from property is not the reward of waiting, it is the reward of employing a good stockbroker.

The very nature of economics is rooted in nationalism. ... It [was] developed ... in the hope of throwing light upon questions of policy. But policy means nothing unless there is an authority to carry it out, and authorities are national.

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

The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists.

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.