The Commercial Storm Leaves Its Path Strewn

In Common Use Almost Every Word Has Many Shades Of Meaning, And Therefore Needs To Be Interpreted By The Context.

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 Hope That Poverty And Ignorance May Gradually Be Extinguished Derives Indeed Much Support From The Steady Progress Of The Working Classes During The 19th Century.

Knowledge Is Our Most Powerful Engine Of Production.