There is an unearthly, mystical element in Friedman's thought. The mere existence of a stock of money somehow promotes expenditure. But insofar as he… - Joan Robinson

A depression is a situation of self-fulfilling pessimism.

The orthodox doctrines of economics which were dominant in the last quarter of the nineteenth century had a clear message. They supported laisser faire, free trade, the gold standard, and the universally advantageous effects of the pursuit of profit by competitive private enterprise.

If knowledge develops as capital accumulates, there need be no tendency to diminishing returns, and with constant returns there can be no tendency for the rate of profit to fall (always assuming that the problem of effective demand as ruled out).