Nothing is so admirable in politics as a short memory.

Good writing, and this is especially important in a subject such as economics, must also involve the reader in the matter at hand. It is not enough to explain. The images that are in the mind of the writer must be made to reappear in the mind of the reader, and it is the absence of this ability that causes much economic writing to be condemned, quite properly, as abstract.

The great dialectic in our time is not, as anciently and by some still supposed, between capital and labor; it is between economic enterprise and the state.

There are two kinds of forecasters: those who don’t know, and those who don’t know they don’t know.

There is a common tendency to ignore the poor or to develop some rationalisation for the good fortune of the fortunate.

Agriculture is one economic activity that does not obey the laws of demand and supply.

Economists, on the whole, think well of what they do themselves and much less well of what their professional colleagues do.