Capitalism is chronically unstable.Boom and bust has always marked capitalism in the United States. There were panics in 1785, 1791, 1819, 1857, 1869, 1873, 1907, 1929 and 1987.In economies and politics, as in war, an astonishing number of people die, like the man on the railway crossing, defending their right of way. This is a poorly developed instinct in Switzerland. No country so firmly avows the principles of private enterprise but in few have the practical concessions to socialism been more numerous and varied.

Emancipation of belief is the most formidable of the tasks of reform and the one on which all else depends.

The threat to men of great dignity, privilege and pretense is not from the radicals they revile; it is from accepting their own myth. Exposure to reality remains the nemesis of the great -- a little understood thing.

It is my guiding confession that I believe the greatest error in economics is in seeing the economy as a stable, immutable structure.

It has been the acknowledged right of every Marxist scholar to read into Marx the particular meaning that he himself prefers and to treat all others with indignation.

The only function of economic forecasting is to make astrology look respectable.

Getting on the cover of TIME guarantees the existence of opposition in the future.