“Thus, the weight of my criticism is directed against the inadequacy of the theoretical foundations of the laissez-faire doctrine upon which I was brought up and for many years I taught”

When my information changes, I alter my conclusions. What do you do, sir?

If we consistently act on the optimistic hypothesis, this hypothesis will tend to be realised; whilst by acting on the pessimistic hypothesis we can keep ourselves for ever in the pit of want.

Economists must leave to Adam Smith alone the glory of the Quarto, must pluck the day, fling pamphlets into the wind, write always sub specie temporis , and achieve immortality by accident, if at all.

The introduction of a substantial Government transfer tax on all transactions might prove the most serviceable reform available,with a view to mitigating the predominance of speculation in the United States.

When I find new information I change my mind; What do you do?

The power to become habituated to his surroundings is a marked characteristic of mankind.

Never in history was there a method devised of such efficacy for setting each country’s advantage at variance with its neighbours’ as the international gold (or, formerly, silver) standard.

Once we allow ourselves to be disobedient to the test of an accountant’s profit, we have begun to change our civilization.

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.

One blames politicians, not for inconsistency but for obstinacy. They are the interpreters, not the masters, of our fate. It is their job, in fact, to register the fact accomplished.

When the accumulation of wealth is no longer of high social importance, there will be great changes in the code of morals.

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

Experience shows that what happens is always the thing against which one has not made provision in advance.

The difficulty lies, not in the new ideas, but in escaping from the old ones.

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

It is investment, i.e. the increased production of material wealth in the shape of capital goods, which alone increases national wealth.