Inflation does not lubricate trade but by rescuing traders from their errors of optimism or stupidity.

People of privilege will always risk their complete destruction rather than surrender any material part of their advantage.

The seminar in economic theory conducted by Hayek at the L.S.E. in the 1930s was attended, it came to seem, by all of the economists of my generation - Nicky Kaldor , Thomas Balogh, L. K. Jah, Paul Rosenstein-Rodan, the list could be indefinitely extended. The urge to participate (and correct Hayek) was ruthlessly competitive.

Money is what fueled the industrial society. But in the informational society, the fuel, the power, is knowledge. One has now come to see a new class structure divided by those who have information and those who must function out of ignorance. This new class has its power not from money, not from land, but from knowledge.

The sense of responsibility in the financial community for the community as a whole is not small. It is nearly nil.

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.

Nothing so weakens government as persistent inflation.