I have been gradually coming under the conviction, disturbing for a professional theorist, that there is no such thing as economics - there is only social science applied to economic problems.

In calling society an ecological system we are not merely using an analogy; society is an example of the general concept of an "ecosystem" that is, an ecological system of which biological systems - forests, fields, swamps - are other examples.

The discounting presumably is to be done for each period of time at that rate of interest which represents the alternative cost of employing capital in the occupation in question; that is, at the rate which the entrepreneur could obtain in other investments

Private property is a means, and neither its abolition nor its unrestricted right should be an end in itself.

The proposition that the meek (that is the adaptable and serviceable), inherit the earth is not merely a wishful sentiment of religion, but an iron law of evolution.

The controversy as to whether socialism is possible has been settled by the fact that it exists, and it is a fundamental axiom of my philosophy, at any rate, that anything that exists, is possible.

Deciding under uncertainty is bad enough, but deciding under an illusion of certainty is catastrophic.