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.

One of the main effects (I will not say purposes) of orthodox traditional economics was ... a plan for explaining to the privileged class that their position was morally right and was necessary for the welfare of society.

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.

It is the rate of investment which governs the rate of saving, and not vice versa.

Utility is a metaphysical concept of impregnable circularity; utility is the quality in commodities that makes individuals want to buy them, and the fact that individuals want to buy commodities shows that they have utility.

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

The only thing worse than being exploited by capitalism is not being exploited by capitalism.