Pages 22–23.
"The Scope and Method of Political Economy in the Light of the 'Marginal' Theory of Value and Distribution" (1914), §II
Context: Social reformers and legislators will never be economists, and they will always work on economic theory of one kind or another. They will quote and apply such dicta as they can assimilate, and such acknowledged principles as seem to serve their turn. Let us suppose there were a recognised body of economic doctrine the truth and relevancy of which perpetually revealed itself to all who looked below the surface, which taught men what to expect and how to analyse their experience; which insisted at every turn on the illuminating relation between our conduct in life and our conduct in business; which drove the analysis of our daily administration of our individual resources deeper, and thereby dissipated the mist that hangs about our economic relations, and concentrated attention upon the uniting and all-penetrating principles of our study. Economics might even then be no more than a feeble barrier against passion, and might afford but a feeble light to guide honest enthusiasm, but it would exert a steady and a cumulative pressure, making for the truth. While the experts worked on severer methods than ever, popularisers would be found to drive homely illustrations and analogies into the general consciousness; and the roughly understood dicta bandied about in the name of Political Economy would at any rate stand in some relation to truth and to experience, instead of being, as they too often are at present, a mere armoury of consecrated paradoxes that cannot be understood because they are not true, that every one uses as weapons while no one grasps them as principles.
Source: The Invention of Capitalism: Classical Political Economy and the Secret History of Primitive Accumulation (2000), p. 2
Hayek's Journey: The Mind of Friedrich Hayek (2003)
Introduction to Capital. Introduction to volume 1 (1976)
Source: The Theory of Political Economy (1871), Chapter IV, Theory of Exchange, p. 108.
Source: The Age of Reform: from Bryan to F.D.R. (1955), Chapter IV, part I, p. 132
Source: Debunking Economics - The Naked Emperor Of The Social Sciences (2001), Chapter 9, The Sum Of The Parts, p. 199
2011, Remarks on Egyptian protests (January 2011)
Context: I also call upon the Egyptian government to reverse the actions that they’ve taken to interfere with access to the Internet, to cell phone service and to social networks that do so much to connect people in the 21st century.
At the same time, those protesting in the streets have a responsibility to express themselves peacefully. Violence and destruction will not lead to the reforms that they seek.
Now, going forward, this moment of volatility has to be turned into a moment of promise. The United States has a close partnership with Egypt and we've cooperated on many issues, including working together to advance a more peaceful region. But we've also been clear that there must be reform — political, social, and economic reforms that meet the aspirations of the Egyptian people.
Source: "Money and Finance in the Macro-Economic Process" (1982), p. 12
After all control and institutions and processes are immediate things. They can all be translated into terms of human conduct...
Source: The Institutional Approach to Economic Theory, 1919, p. 311-6
"The Effect of Government on Economic Efficiency." 1988
