Economics Is A Very Dangerous Science.

It Has Been Pointed Out Already That No Knowledge Of Probabilities, Less In Degree Than Certainty, Helps Us To Know What Conclusions Are True, And That There Is No Direct Relation Between The Truth Of A Proposition And Its Probability. Probability Begins And Ends With Probability.

Investing Is An Activity Of Forecasting The Yield Over The Life Of The Asset; Speculation Is The Activity Of Forecasting The Psychology Of The Market.

It Is Preferable To Regard Labour, Including, Of Course, The Personal Services Of The Entrepreneur, And His Assistants, As The Sole Factor Of Production, Operating In A Given Environment Of Technique, Natural Resources, Capital Equipment And Effective Demand. This Is Why We Have Been Able To Take Labour As The Sole Physical Unit Which We Require In Our Economic System, Apart From Units Of Money And Of Time.

The Political Problem Of Mankind Is To Combine Three Things: Economic Efficiency, Social Justice And Individual Liberty.

Perhaps It Is Historically True That No Order Of Society Ever Perishes Save By Its Own Hand.