We should not conclude from this that everything depends on waves of irrational psychology. On the contrary, the state of long-term expectation is often steady, and, even when it is not, the other factors exert...

By this means the government may secretly and unobserved, confiscate the wealth of the people, and not one man in a million will detect the theft.

The political problem of mankind is to combine three things: economic efficiency, social justice and individual liberty.

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

Capitalism is the extraordinary belief that the nastiest of men for the nastiest of motives will somehow work together for the benefit of all.

It is better to be roughly right than precisely wrong.

In the long run we are all dead. Economists set themselves too easy, too useless a task if in tempestuous seasons they can only tell us that when the storm is long past the ocean...

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

El estudio de la economía no parece exigir ningún don especializado de un orden excepcionalmente superior. ,No es una disciplina muy fácil comparada con las ramas superiores de la filosofía o la ciencia pura?. Una...

Education: the inculcation of the incomprehensible into the indifferent by the incompetent.

With the breakdown of money economy the practice of international barter is becoming prevalent.

Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone.

If you owe your bank a hundred pounds, you have a problem. But if you owe a million, it has.

A study of the history of opinion is a necessary preliminary to the emancipation of the mind.

The decadent international but individualistic capitalism in the hands of which we found ourselves after the war is not a success. It is not intelligent. It is not beautiful. It is not just. It is...

The difficulty lies not so much in developing new ideas as in escaping the old ones.

Too large a proportion of recent “mathematical” economics are mere concoctions, as imprecise as the initial assumptions they rest on, which allow the author to lose sight of the complexities and interdependencies of the real...

How long will it be necessary to pay City men so entirely out of proportion to what other servants of society commonly receive for performing social services not less useful or difficult?

In the long run we are all dead.

The businessman is only tolerable so long as his gains can be held to bear some relation to what, roughly and in some sense, his activities have contributed to society.

Practical men who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist.

Newton was not the first of the age of reason. He was the last of the magicians, the last of the Babylonians and Sumerians, the last great mind that looked out on the visible and...