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.

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

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.

Even if the crises that are looming up are overcome and a new run of prosperity lies ahead, deeper problems will still remain. Modern capitalism has no purpose except to keep the show going.

The first essential for economists ... is to ... combat, not foster, the ideology which pretends that values which can be measured in terms of money are the only ones that ought to count.

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.

New ideas are difficult just because they are new. Repetition has somehow plastered over the gaps and inconsistencies in the old ones, and the new cannot penetrate.