"The bright side is that the conquering of color caste in America is America's own innermost desire. This nation early laid down as the moral basis for its existence the principles of equality and liberty. However much Americans have dodged this conviction, they have refused to adjust their laws to their own license. Today, more than ever, they refuse to discuss systematizing their caste order to mutual advantage, apparently because they most seriously mean that caste is wrong and should not be given recognition. They stand warm heartedly against oppression in all the world. When they are reluctantly forced into war, they are compelled to justify their participation to their own conscience by insisting that they are fighting against aggression and for liberty and equality."

“Correlations are not explanations and besides, they can be as spurious as the high correlation in Finland between foxes killed and divorces.”

“For these anticipations determine the behaviour of the economic subjects and consequently those changes in the whole price system which during a period actually occur as a result of the actions of individuals.”

“There is in fact no contradiction at all between the statement of an exact bookkeeping balance ex post and the obvious inference that in a situation when saving is increasing without a corresponding increase of investment, or perhaps with an adverse movement in investment, there must be a tendency ex ante to a disparity.”

“The further away a scholarly opinion is from direct observation and the more abstract and ‘theoretical’ it is, the more defenseless it becomes against insidious opportunist errors of judgment. In economics, model thinking in particular creates scope for systematic biases... But of course all social studies must nevertheless aim at generalization. It is thus important to be able to think concretely at the same time, as I learnt from Gustav Cassel.”

“Education means an assimilation of white American culture. It decreases the dissimilarity of the Negroes from other Americans.”

“Of all the calamities that have struck the rural Negro people in the South in recent decades—soil erosion, the infiltration of white tenants into plantation areas, the ravages of the boll weevil, the southwestern shift in cotton cultivation—none has had such grave consequences, or threatens to have such lasting effect, as the combination of world agricultural trends and federal agricultural policies initiated during the thirties.”