Practical men who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back

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.

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?

When somebody persuades me I am wrong, I change my mind.

The introduction of a substantial Government transfer tax on all transactions might prove the most serviceable reform available,with a view to mitigating the predominance of speculation in the United States.

The key to selecting the winner isn't choosing the face you think is the most beautiful but rather the face other people will pick

Investing is an activity of forecasting the yield over the life of the asset; speculation is the activity of forecasting the psychology of the market.