[The loss-of-strength gradient is] the degree to which military and political power diminishes as we move a unit distance away from its home base.

I shall argue that it is the capital stock from which we derive satisfaction, not from the additions to it (production) or the subtractions from it (consumption): that consumption, far from being a desideratum, is a deplorable property of the capital stock which necessitates the equally deplorable activity of production: and that the objective of economic policy should not be to maximize consumption or production, but rather to minimize it, i.e. to enable us to maintain our capital stock with as little consumption or production as possible.

The thing that distinguishes social systems from physical or even biological systems is their incomparable (and embarrassing) richness in special cases. Generalizations in the social sciences are mere pathways which lead through a riotous forest of individual trees, each a species unto itself. The social scientist who loses this sense of the essential individuality and uniqueness of each case is all too likely to make a solemn scientific ass of himself, especially if he thinks that his faceless generalizations are the equivalents of the rich vareity of the world.

The ability to work with systems of general equilibrium is perhaps one of the most important skills of the economist - a skill which he shares with many other scientists, but in which he has perhaps a certain comparative advantage.

It is almost as hard to define mathematics as it is to define economics, and one is tempted to fall back on the famous old definition attributed to Jacob Viner, "Economics is what economists do," and say that mathematics is what mathematicians do. A large part of mathematics deals with the formal relations of quantities or numbers.

The economy of the future might be called the "spaceman economy," in which the earth has become a single spaceship, without unlimited reservoirs of anything.

Theories without facts may be barren, but facts without theories are meaningless.