Economics Is A Very Dangerous Science.

The Disruptive Powers Of Excessive National Fecundity May Have Played A Greater Part In Bursting The Bonds Of Convention Than Either The Power Of Ideas Or The Errors Of Autocracy.

Nevertheless, If We Contemplate A Society With A Somewhat Stable Wage-unit, With National Characteristics Which Determine The Propensity To Consume And The Preference For Liquidity, And With A Monetary System Which Rigidly Links The Quantity Of Money To The Stock Of The Precious Metals, It Will Be Essential For The Maintenance Of Prosperity That The Authorities Should Pay Close Attention To The State Of The Balance Of Trade. For A Favourable Balance, Provided It Is Not Too Large, Will Prove Extremely Stimulating; Whilst An Unfavourable Balance May Soon Produce A State Of Persistent Depression.

It's Not Bringing In The New Ideas That's So Hard; It's Getting Rid Of The Old Ones.

Economics Is A Very Dangerous Science.

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