The point of studying economics is so as not to be fooled by economists.

A depression is a situation of self-fulfilling pessimism.

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

It is a popular error that bureaucracy is less flexible than private enterprise. It may be so in detail, but when large scale adaptations have to be made, central control is far more flexible. It may take two months to get an answer to a letter from a government department, but it takes twenty years for an industry under private enterprise to readjust itself to a fall in demand.

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.

science progresses by trial and error, and when it is forbidden to admit error there can be no progress.

It is the business of economists, not to tell us what to do, but show why what we are doing anyway is in accord with proper principles.