Every Short Statement About Economics Is Misleading

Knowledge Is Our Most Powerful Engine Of Production.

I Admit That These Terms And The Diagrams Connected With Them Repel Some Readers, And Fill Others With The Vain Imagination That They Have Mastered Difficult Economics Problems, When Really They Have Done Little More Than Learn The Language In Which Parts Of Those Problems Can Be Expressed, And The Machinery By Which They Can Be Handled. When The Actual Conditions Of Particular Problems Have Not Been Studied, Such Knowledge Is Little Better Than A Derrick For Sinking Oil-wells Erected Where There Are No Oil-bearing Strata.

Every Short Statement About Economics Is Misleading (with The Possible Exception Of My Present One).

The Love For Money Is Only One Among Many.

Nature's Action Is Complex: And Nothing Is Gained In The Long Run By Pretending That It Is Simple, And Trying To Describe It In A Series Of Elementary Propositions.