A depression is a situation of self-fulfilling pessimism.

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.

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.

Progress is slow partly from mere intellectual inertia. In a subject where there is no agreed procedure for knocking out errors, doctrines have a long life. A professor teaches what he was taught, and his pupils, with a proper respect and reverence for teachers, set up a resistance against his critics for no other reason than that it was he whose pupils they were.

The misery of being exploited by capitalists is nothing compared to the misery of not being exploited at all.

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.

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