Perhaps the most difficult ethical problem of the scientific community arises not so much from conflict with other subcultures as from its own succes… - Kenneth E. Boulding

Nothing fails like success because we don't learn from it. We learn only from failure.

The ability to work with systems of general equilibrium is perhaps one of the most important skills of the economist — a skill which he shares with many other scientists, but in which he has perhaps a certain comparative advantage.

[This book] is intended as a text from which the student can learn and the teacher can teach the methods and results of economic analysis. It also seeks to be a contribution to the development and systematization of the body of economic analysis itself. These purposes are not separate. The task of presenting a systematic, orderly, and accurate account of economic analysis is identical with the task of preparing the material for teaching. It must be emphasized, however, that the purpose of this work is not primarily to entertain the student, or to enable him to regurgitate appropriate material into examination books, or to learn a few pat phrases, or to indoctrinate him with an abstract discipline which he will never use. Economics is like photography in this respect, that under-exposure is less desirable than no exposure at all.

This concept of capital-rebuilding is so important that it may be desirable to digress for a moment. In the broadest sense of the word, capital means the sum total of the valuable things possessed by the individuals of a society, excluding "claims," that is, mere titles to property. The word is used to mean both the inventory of these valuable things; the houses, factories, machines, livestock, stocks of raw materials, and goods in all stages of completion; and also to mean the sum of the values of these things. It should generally be clear from the context which of these two meanings is intended.