Ideas Shape The Course Of History.

If I Am Right In Supposing It To Be Comparatively Easy To Make Capital-goods So Abundant That The Marginal Efficiency Of Capital Is Zero, This May Be The Most Sensible Way Of Gradually Getting Rid Of Many Of The Objectionable Features Of Capitalism.

What An Extraordinary Episode In The Economic Progress Of Man That Age Was Which Came To An End In August, 1914!

Practical Men Who Believe Themselves To Be Quite Exempt From Any Intellectual Influence, Are Usually The Slaves Of Some Defunct Economist. Madmen In Authority, Who Hear Voices In The Air, Are Distilling Their Frenzy From Some Academic Scribbler Of A Few Years Back

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.

If The Treasury Were To Fill Old Bottles With Bank-notes, Bury Them At Suitable Depths In Disused Coal-mines Which Are Then Filled Up To The Surface With Town Rubbish, And Leave It To Private Enterprise On Well-tried Principles Of Laissez-faire To Dig The Notes Up Again (the Right To Do So Being Obtained, Of Course, By Tendering For Leases Of The Note-bearing Territory), There Need Be No More Unemployment And, With The Help Of Repercussions, The Real Income Of The Community, And Its Capital Wealth, Would Probably Become A Good Deal Greater Than It Actually Is.