Long run is a misleading guide to current affairs. In the long run we are all dead.

Unlike physics, for example, such parts of the bare bones of economic theory as are expressible in mathematical form are extremely easy compared with the economic interpretation of the complex and incompletely known facts of experience, and lead one a very little way towards establishing useful results.

Investment based on genuine long-term expectations is so difficult today as to be scarcely practicable.

It has been pointed out already that no knowledge of probabilities, less in degree than certainty, helps us to know what conclusions are true, and that there is no direct relation between the truth of a proposition and its probability. Probability begins and ends with probability.

There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency.

When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done

But my lord, when we addressed this issue a few years ago, didn't you argue the other side?" He said, "That's true, but when I get more evidence I sometimes change my mind. What do you do?