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.

In the long run we are all dead.

Whenever you save five shillings you put a man out of work for a day.

I do not mean to impugn the social justice and social expediency of the redistribution of incomes aimed at by N.I.R.A. and by the various schemes for agricultural restriction. The latter, in particular, I should strongly support in principle. But too much emphasis on the remedial value of a higher price-level as an object in itself may lead to serious misapprehension as to the part which prices can play in the technique of recovery. The stimulation of output by increasing aggregate purchasing power is the right way to get prices up; and not the other way round.

The friends of gold will have to be extremely wise and moderate if they are to avoid a revolution.

Gold is a relic from a time when government's were less trustworthy in these matters (currency debasement) than they are now.

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.