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.

Had the Bible been in clear straightforward language, had the ambiguities and contradictions been edited out, and had the language been constantly modernised to accord with contemporary taste it would almost certainly have been, or become, a work of lesser influence.

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

The man who is admired for the ingenuity of his larceny is almost always rediscovering some earlier form of fraud. The basic forms are all known, have all been practiced. The manners of capitalism improve. The morals may not.

I think the role of the Federal Reserve is enormously exaggerated.

When people are least sure, they are often most dogmatic.

Change comes not from men and women changing their minds, but from the change from one generation to the next.