Theories without facts may be barren, but facts without theories are meaningless. - Kenneth E. Boulding

The controversy as to whether socialism is possible has been settled by the fact that it exists, and it is a fundamental axiom of my philosophy, at any rate, that anything that exists, is possible.

Just as there are inputs which are supplied by the owner of a business, and whose value therefore is a "virtual," not an actual, expense, so there can be outputs which are consumed by the owner of a business, and whose value therefore forms.

Adam Smith, who has strong claim to being both the Adam and the Smith of systematic economics, was a professor of moral philosophy and it was at that forge that economics was made. Even when I was a student, economics was still part of the moral sciences tripos at Cambridge University. It can claim to be a moral science, therefore, from its origin, if for no other reason. Nevertheless, for many economists the very term “moral science” will seem like a contradiction. We are strongly imbued today with the view that science should be wertfrei and we believe that science has achieved its triumph precisely because it has escaped the swaddling clothes of moral judgment and has only been able to take off into the vast universe of the “is” by escaping from the treacherous launching pad of the “ought.” Even economics, we learn in the history of thought, only became a science by escaping from the casuistry and moralizing of medieval thought.