Ideas shape the course of history.

I conceive, therefore, that a somewhat comprehensive socialisation of investment will prove the means of securing an approximation to full employment.

The markets are moved by animal spirits, and not by reason.

The difficulty lies, not in the new ideas, but in escaping the old ones, which ramify, for those brought up as most of us have been, into every corner of our minds.

When the accumulation of wealth is no longer of high social importance, there will be great changes in the code of morals.

By a continuing process of inflation, government can confiscate, secretly and unobserved, an important part of the wealth of their citizens.

It is preferable to regard labour, including, of course, the personal services of the entrepreneur, and his assistants, as the sole factor of production, operating in a given environment of technique, natural resources, capital equipment and effective demand. This is why we have been able to take labour as the sole physical unit which we require in our economic system, apart from units of money and of time.