"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."

“It is much more accurate to identify the factors of production as know-how , energy, and materials, for, as we have seen, all processes of production involve the direction of energy by some know-how structure toward the selection, transportation, and transformation of materials into the product”

“Equilibrium is a figment of the human imagination.”

“One advantage of exhibiting a hierarchy of systems in this way is that it gives us some idea of the present gaps in both theoretical and empirical knowledge. Adequate theoretical models extend up to about the fourth level, and not much beyond. Empirical knowledge is deficient at practically all levels.”

“The World is a very complex system. It is easy to have too simple a view of it, and it is easy to do harm and to make things worse under the impulse to do good and make things better.”

“The very act of thinking about power in our lives and experiences creates a process of revelation and self-analysis that may even make us look at ourselves in a new light... thinking about power and its complex manifestations may not simply lead to a better understanding of the abstract complexities of society, but may have an effect on one‟s own image and identity. Perhaps a warning label should be placed on the cover...”

“Without the heroic, man has no meaning; without the economic, he has no sense. Economic man is most likely to be economic woman — a good wife, pulling the coat tails of her heroic husband, checking his extravagances of speech and action with words of caution and good sense. But without the heroic coat tails to pull, life for both of them would be dull and savorless indeed.”