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.

Living capital, which has the special capacity to continuously regenerate itself, is ultimately the source of all real wealth. To destroy it for money, a simple number with no intrinsic value, is an act of collective insanity - which makes capitalism a mental, as well as physical pathology.

The public firm can nowhere maintain itself in free competition with the private firm; it is possible today only where it has a monopoly that excludes competition. Even that alone is evidence of its lesser economic productivity.

This long run is a misleading guide to current affairs. In the long run we are all dead. Economists set themselves too easy, too useless a task if in tempestuous seasons they can only tell us that when the storm is long past the ocean is flat again.

There are only three ways by which any individual can get wealth — by work, by gift or by theft. And, clearly, the reason why the workers get so little is that the beggars and thieves get so much.

I am in favor of high wages and agree that the higher the wages, the stronger the evidence of prosperity, provided (and that is the important point) they are so naturally, by the effectiveness of industry, and not in consequence of an inflated currency or any artificial regulation.