“The classical theory of monopolistic pricing (the Cournot-Marshall theory) is not entirely valueless, especially when overhauled so as to deal not only with the instantaneous maximization of monopoly gain but also with maximization over time. But it works with assumptions that are so restrictive as to exclude its direct application to reality. In particular it cannot be used for what it is being used in current teaching, namely, for a comparison between the way in which a purely competitive economy functions and the way in which an economy functions that contains substantial elements of monopoly.”
“I felt it my duty to take, and to inflict upon the reader, considerable trouble in order to lead up effectively to my paradoxical conclusion: capitalism is being killed by its achievements.”
Capitalism, Socialism and Democracy
“Love and hate have so blurred the results of such serious work as has so far been done on this question—it is not much—that even mere restatement of widely accepted views seemed justified here and the...”
Capitalism, Socialism and Democracy
“Current economic theory is almost wholly a theory of the administration of a given industrial apparatus. But much more important than the manner in which capitalism administers given industrial struct...”
Capitalism, Socialism and Democracy
“Frank presentation of ominous facts was never more necessary than it is today because we seem to have developed escapism into a system of thought.”
Capitalism, Socialism and Democracy
“Most of the creations of the intellect or fancy pass away for good after a time that varies between an after-dinner hour and a generation. Some, however, do not. They suffer eclipses but they come bac...”
Capitalism, Socialism and Democracy