The stock market is but a mirror which provides an image of the underlying or fundamental economic situation. Cause and effect run from the economy to the stock market, never the reverse. In 1929 the economy was headed for trouble. Eventually that trouble was violently reflected in Wall Street.

Technology means the systematic application of scientific or other organized knowledge to practical tasks.

Of all classes the rich are the most noticed and the least studied.

To see economic policy as a problem of choice between rival ideologies is the greatest error of our time.

From the fact of general well-being came the new position of the poor. They were now in most communities a minority. The voice of the people was now the voice of relative affluence. Politicians in pursuit of votes could be expected to have a diminishing concern for the very poor. Compassion would have to serve instead - an uncertain substitute.

The spirit should never grow old.

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