Few can believe that suffering, especially by others, is in vain. Anything that is disagreeable must surely have beneficial economic effects.

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.

The income men derive from producing things of slight consequence is of great consequence. The production reflects the low marginal utility of the goods to society. The income reflects the high total utility of a livelihood to a person.

The experience of being disastrously wrong is salutary, no economist should be denied it, and not many are.

I was brought up in southwestern Ontario where we were taught that Canadian patriotism should not withstand anything more than a five-dollar-a-month wage differential. Anything more than that and you went to Detroit.

The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it. The process by which banks create money is so simple the mind is repelled.

Partly, the Russian system succeeds because, in contrast to the Western industrial economies, it makes full use of its manpower.