Economic Privation Proceeds By Easy Stages, And

Investing Is An Activity Of Forecasting The Yield Over The Life Of The Asset; Speculation Is The Activity Of Forecasting The Psychology Of The Market.

It Is Better That A Man Should Tyrannize Over His Bank Balance Than Over His Fellow-citizens And Whilst The Former Is Sometimes Denounced As Being But A Means To The Latter, Sometimes At Least It Is An Alternative.

The Power To Become Habituated To His Surroundings Is A Marked Characteristic Of Mankind.

Too Large A Proportion Of Recent "mathematical" Economics Are Mere Concoctions, As Imprecise As The Initial Assumptions They Rest On, Which Allow The Author To Lose Sight Of The Complexities And Interdependencies Of The Real World In A Maze Of Pretentious And Unhelpful Symbols.

I Expect To See The State, Which Is In A Position To Calculate The Marginal Efficiency Of Capital-goods On Long Views And On The Basis Of The General Social Advantage, Taking An Ever Greater Responsibility For Directly Organizing Investments.