The Markets Are Moved By Animal Spirits,

It Is Investment, I.e. The Increased Production Of Material Wealth In The Shape Of Capital Goods, Which Alone Increases National Wealth.

A Study Of The History Of Opinion Is A Necessary Preliminary To The Emancipation Of The Mind.

When The Final Result Is Expected To Be A Compromise, It Is Often Prudent To Start From An Extreme Position.

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.

I Think That Capitalism, Wisely Managed, Can Probably Be Made More Efficient For Attaining Economic Ends Than Any Alternative System Yet In Sight, But That In Itself Is In Many Ways Extremely Objectionable.