In the usual (though certainly not in every) public decision on economic policy, the choice is between courses that are almost equally good or equally bad. It is the narrowest decisions that are most ardently debated. If the world is lucky enough to enjoy peace, it may even one day make the discovery, to the horror of doctrinaire free-enterprisers and doctrinaire planners alike, that what is called capitalism and what is called socialism are both capable of working quite well.

The questions that are beyond the reach of economics-the beauty, dignity, pleasure and durability of life-may be inconvenient but they are important.

People who are in a fortunate position always attribute virtue to what makes them so happy.

Third party politics, at least since La Follette, has always had an element of romance.

In any great organization it is far, far safer to be wrong with the majority than to be right alone.

Nostalgia combines regularly with manifest respectability to give credence to old error as opposed to new truth.

Only foolish people are completely secure.