Perhaps it is historically true that no order of society ever perishes save by its own hand.

I'd rather be vaguely right than precisely wrong.

The political problem of mankind is to combine three things: economic efficiency, social justice and individual liberty.

A conventional valuation which is established as the outcome of the mass psychology of a large number of ignorant individuals is liable to change violently as the result of a sudden fluctuation of opinion due to factors which do not really make much difference to the prospective yield; since there will be no strong roots of conviction to hold it steady.

Nothing can preserve the integrity of contact between individuals, except a discretionary authority in the state to revise what has become intolerable. The powers of uninterrupted usury are too great. If the accretions of vested interests were to grow without mitigation for many generations, half the population would be no better than slaves to the other half.

Experience shows that what happens is always the thing against which one has not made provision in advance.

It is astonishing what foolish things one can temporarily believe if one thinks too long alone, particularly in economics.