Once politics become a tug-of-war for shares in the income pie, decent government is impossible.

Any man who is only an economist is unlikely to be a good one.

The Nobel Prize confers on an individual an authority which in economics no man ought to possess.

..where effective competition can be created, it is a better way of guiding individual efforts than any other... regards competition as superior not only because it is in most circumstances the most efficient method known but even more because it is the only method by which our activities can be adjusted to each other without coercive or arbitrary intervention of authority.

The Germans would appear as the disturbers of peace, as they already do to some people, merely because they were the first to take the path along which all the others were ultimately to follow.

There is, in a competitive society, nobody who can exercise even a fraction of the power which a socialist planning board would possess.

The problems raised by a conscious direction of economic affairs on a national scale inevitably assume even greater dimensions when the same is attempted internationally. The conflict between planning and freedom cannot but become more serious as the similarity of standards and values among those submitted to a unitary plan diminishes.