Economic Theory

The successful development of science requires a proper balance between the method of building up from observations and the method of deducing by pure reasoning from speculative assumptions...

I firmly believe people have hitherto been a great deal too much taken up about doctrine and far too little about practice. The word doctrine, as used in the Bible, means teaching of duty, not theory. I preached a sermon about this. We are far too anxious to be definite and to have finished, well-polished, sharp-edged systems — forgetting that the more perfect a theory about the infinite, the surer it is to be wrong, the more impossible it is to be right.

Never call yourself a philosopher, nor talk a great deal among the unlearned about theorems, but act conformably to them.