There Is Nothing So Disastrous As A

Never In History Was There A Method Devised Of Such Efficacy For Setting Each Country's Advantage At Variance With Its Neighbours' As The International Gold (or, Formerly, Silver) Standard.

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.

It Is Better To Be Roughly Right Than Precisely Wrong.

I Believe Myself To Be Writing A Book On Economic Theory Which Will Largely Revolutionize - Not, I Suppose, At Once But In The Course Of The Next Ten Years - The Way The World Thinks About Economic Problems.

... A Speculator Is One Who Runs Risks Of Which He Is Aware And An Investor Is One Who Runs Risks Of Which He Is Unaware.