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A flourishing society can maintain more fools than any savage period could afford.

We have to do in this book with several of the basic errors in our common concepts as to economics. We shall see how different are the facts of our economic life to-day from that inner world of concepts we carry in the brain and always take for facts while they remain there. The world is, to us, the sum of our concepts concerning it; and while the real facts relentlessly affect us, our supposed facts are of deadly importance because they modify our conduct.

In the field of economics we maintain to this day some of the most primitive ideas, some of the most radically false ideas, some of the most absurd ideas a brain can hold. They do not fit the facts; they are not provable as true, but very promptly provable as false; they do not agree with such true ideas as we have, nor even with each other; but all this gives no uneasiness to the average brain. That long-suffering organ has been trained for more thousands of years than history can uncover to hold in unquestioning patience great blocks of irrelevant idiocy and large active lies.