When I came up to Cambridge (in October 1921) to read economics, I did not have much idea of what it was about.

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.

In general, the nightmare quality of Marx's thought gives it, in this bedevilled age, an air of greater reality than the gentle complacency of the orthodox academics. Yet he, at the same time, is more encouraging than they, for he releases hope as well as terror from Pandora's box, while they preach only the gloomy doctrine that all is for the best in the best of all possible worlds.

It is much easier to organize control over one industry serving many markets than over one market served by the products of several industries.

When I came up to Cambridge (in October 1921) to read economics, I did not have much idea of what it was about.

It seems that neither the Keynesian nor the Marxian prognosis of the future of capitalism is being fulfilled and we are left without any particular theory as to what will happen next.

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