It makes that a virtue which is not a virtue, and that a crime which is not a crime. Religion consists in a round of observances that have no relation whatever to natural goodness, but which rather exclude it by being a substitute for it. Penances and pilgrimages take the place of justice and mercy, benevolence and charity. Such a religion, so far from being a purifier, is the great corrupter of morals.
Arthur Cecil Pigou
The gravitation constant is the same always. But the economic constants-these elasticities of demand and supply-depending, as they do, upon human consciousness, are liable to vary. Prosperity ends in a crisis. The era of optimism dies in the crisis, but in dying it gives birth to an era of pessimism. This new era is born, not an infant, but a giant; for an industrial boom has necessarily been a period of strong emotional excitement, and an excited man passes from one form of excitement to another more rapidly than he passes to quiescence. Under the new error, business is unduly depressed.
