As is true with respect to other great evils, the measures by which war might be made altogether impossible for the future may well be worse than even war itself.

It is because freedom means the renunciation of direct control of individual efforts that a free society can make use of so much more knowledge than the mind of the wisest ruler could comprehend.

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

Unlike proportionality, progression provides no principle which tells us what the relative burden of different persons ought to be the argument based on the presumed justice of progression provides no limitation, as has often been admitted by its supporters, before all incomes above a certain figure are confiscated, and those below left untaxed.

The freedom that will be used by only one man in a million may be more important to society and more beneficial to the majority than any freedom that we all use.

To combat the depression by a forced credit expansion is to attempt to cure the evil by the very means which brought it about.

The successful politician owes his power to the fact that he moves within the accepted framework of thought, that he thinks and talks conventionally. It would be almost a contradiction in terms for a politician to be a leader in the field of ideas. His task in a democracy is to find out what the opinions held by the largest number are, not to give currency to new opinions which may become the majority view in some distant future.