All The Political Parties Alike Have Their

... A Speculator Is One Who Runs Risks Of Which He Is Aware And An Investor Is One Who Runs Risks Of Which He Is Unaware.

I Do Not Mean To Impugn The Social Justice And Social Expediency Of The Redistribution Of Incomes Aimed At By N.i.r.a. And By The Various Schemes For Agricultural Restriction. The Latter, In Particular, I Should Strongly Support In Principle. But Too Much Emphasis On The Remedial Value Of A Higher Price-level As An Object In Itself May Lead To Serious Misapprehension As To The Part Which Prices Can Play In The Technique Of Recovery. The Stimulation Of Output By Increasing Aggregate Purchasing Power Is The Right Way To Get Prices Up; And Not The Other Way Round.

The Boom, Not The Slump, Is The Right Time For Austerity At The Treasury.

Economic Privation Proceeds By Easy Stages, And So Long As Men Suffer It Patiently The Outside World Cares Little.

Nor Should The Argument Seem Strange That Taxation May Be So High As To Defeat Its Object, And That, Given Sufficient Time To Gather The Fruits, A Reduction Of Taxation Will Run A Better Chance Than An Increase Of Balancing The Budget.