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

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.

The fundamental differences between Marxian and traditional orthodox economics are, first, that the orthodox economists accept the capitalist system as part of the eternal order of Nature, while Marx regards it as a passing phase in the transition from the feudal economy of the past to the socialist economy of the future.

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.

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

An economy may be in equilibrium from a short-period point of view and yet contain within itself incompatibilities that are soon going to knock it out of equilibrium.

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