[t]he Theory Of Output As A Whole,

It Is The Long Term Investor Who Will In Practice Come In For The Most Criticism. For It Is The Essence Of His Behaviour That He Should Be Eccentric, Unconventional And Rash In The Eyes Of The Average Opinion. If He Is Successful, That Will Only Confirm The General Belief In His Rashness; And If In The Short Run He Is Unsuccessful, Which Is Very Likely, He Will Not Receive Much Mercy. Worldly Wisdom Teaches That It Is Better For Reputation To Fail Conventionally Than To Succeed Unconventionally.

In The Long Run We Are All Dead.

The Important Thing For Government Is Not To Do Things Which Individuals Are Doing Already, And To Do Them A Little Better Or A Little Worse; But To Do Those Things Which At Present Are Not Done At All.

I Do Not Mean To Impugn The Social Justice And Social Expediency Of The Redistribution Of Incomes Aimed At By N.i.r.a. And By The Various Schemes For Agricultural Restriction. The Latter, In Particular, I Should Strongly Support In Principle. But Too Much Emphasis On The Remedial Value Of A Higher Price-level As An Object In Itself May Lead To Serious Misapprehension As To The Part Which Prices Can Play In The Technique Of Recovery. The Stimulation Of Output By Increasing Aggregate Purchasing Power Is The Right Way To Get Prices Up; And Not The Other Way Round.

Newton Was Not The First Of The Age Of Reason, He Was The Last Of The Magicians.