“In the long run, we are all dead.”
– A Tract on Monetary Reform (1923)
“It has been pointed out already that no knowledge of probabilities, less in degree than certainty, helps us to know what conclusions are true, and that there is no direct relation between the truth of a proposition and its probability. Probability begins and ends with probability.”
– The Application of Probability to Conduct
“The avoidance of taxes is the only intellectual pursuit that still carries any reward.”
“When the facts change, I change my mind. What do you do, sir?”
“The Individualistic Capitalism of today, precisely because it entrusts saving to the individual investor and production to the individual employer, presumes a stable measuring-rod of value, and cannot be efficient–perhaps cannot survive–without one.”