“Economics is the art of allocating scarce goods among competing demands. The conceit of Marxism was the thought that in Communism, economics would be "abolished"; this was why one did not have to think about the questions of relative privilege and social justice. But the point is that we still have to think about economics, and probably always will. The question, then, is whether we can arrive at a set of normative rules which seek to protect liberty, reward achievement and enhance the social good, within the constraints of "economics".”

“The political problem of mankind is to combine three things: economic efficiency, social justice and individual liberty.”

“. . . it is a mistake to think that Marxism is simply a type of interpretation that takes the economic "sequence" as that ultimately privileged code into which the other sequences are to be translated. Rather, for Marxism the emergence of the economic, the coming into view of the infrastructure itself, is simply the sign of the approach of the concrete.”

“On the 26th of January 1950, we are going to enter into a life of contradictions. In politics we will have equality and in social and economic life we will have inequality.In politics we will be recognizing the principle of one man one vote and one vote one value.In our social and economic life, we shall, by reason of our social and economic structure, continue to deny the principle of one man one value.How long shall we continue to live this life of contradictions? How long shall we continue to deny equality in our social and economic life? If we continue to deny it for long, we will do so only by putting our political democracy in peril. We must remove this contradiction at the earliest possible moment or else those who suffer from inequality will blow up the structure of political democracy which this Assembly has so laboriously built up.”

“I have read a great deal of economic theory for over 50 years now, but have found only one economic "law" to which I can find NO exceptions: Where the State prevents a free market, by banning any form of goods or services, consumer demand will create a black market for those goods or services, at vastly higher prices. Can YOU think of a single exception to this law?”

“The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists.”