What an extraordinary episode in the economic progress of man that age was which came to an end in August, 1914!

Like Odysseus, the President looked wiser when he was seated.

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

I think that Capitalism, wisely managed, can probably be made more efficient for attaining economic ends than any alternative system yet in sight, but that in itself is in many ways extremely objectionable.

The avoidance of taxes is the only intellectual pursuit that still carries any reward.

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.

The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is generally understood. Indeed, the world is ruled by little else.