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

The individual serves the planning system not by supplying it with savings and the resulting capital; he serves it far more by consuming its products.

In economics it is a far, far wiser thing to be right than to be consistent

More investment trusts securities were offered in September of 1929 even than in August - the total was above $600 million. However, the nearly simultaneous promotion of Shenandoah and Blue Ridge was to stand as the pinnacle of new era finance. It is difficult not to marvel at the imagination which was implicit in this gargantuan insanity. If there must be madness something may be said for having it on a heroic scale.

Technology, under all circumstances, leads to planning; in its higher manifestations it may put the problems of planning beyond the reach of the industrial firm. Technological compulsions, and not ideology or political will, will require the firm to seek the help and protection of the state.

Nothing so denies a person liberty as the total absence of money.

We have a swarm of people in the stock market - not out of knowledge, not out of expectation, but out of basically a gambling instinct, the hope that prices will go up.