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

But, as soon as speculators become an important influence in the market, their business is to speculate on each others behaviour.

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

Marx, however imperfectly he worked out the details, set himself the task of discovering the law of motion of capitalism, and if there is any hope of progress in economics at all, it must be in using academic methods to solve the problems posed by Marx.

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.

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.

Economic theorists should not make such a production about taking a rabbit out of a hat after having put the rabbit into the hat in full view of the audience.