The Metal Of Economic Theory Is In

All We Can Thus Far Say About The Duration Of The Units Of [the Business Cycle] And Each Of [its] Two Phases Is That It Will Depend On The Nature Of The Particular Innovations That Carry A Cycle,... And The Financial Conditions And Habits Prevailing In The Business Community In Each Case.

Access To The National Dividend Is Usually To Be Had Only On Condition Of Some Productive Service Previously Rendered Or Of Some Product Previously Sold. This Condition Is, In This Case, Not Yet Fulfilled. It Will Be Fulfilled Only After The Successful Completion Of The New Combinations. Hence This Credit Will In The Meantime Affect The Price Level.

Politicians Are Like Bad Horsemen Who Are So Preoccupied With Staying In The Saddle That They Can't Bother About Where They're Going.

Success Depends On Intuition, On Seeing What Afterwards Proves True But Cannot Be Established At The Moment.

In Economic Life Competition Is Never Completely Lacking, But Hardly Ever Is It Perfect.