When capitalists are thwarted, deflected, or dispossessed, the generals and politicians,... and socialist intellectuals, are always amazed at how quickly the great physical means of production - the contested tokens of wealth and resources of nature - dissolve into so much scrap, ruined concrete, snarled wire, and wilderness.

Unlike an inexorable, Newtonian "great machine", the economy is not a closed system.

At the heart of capitalism is the unification of knowledge and power. As Friedrich Hayek, the leader of the Austrian school of economics, put it, "To assume all the knowledge to be given to a single mind... is to disregard everything that is important and significant in the real world." Because knowledge is dispersed, power must be as well.

The differences between the sexes are the single most important fact of human society.

Some economists became obsessed with market efficiency and others with market failure. Generally held to be members of opposite schools-freshwater and saltwater, Chicago and Cambridge, liberal and conservative, Austrian and Keynesian-both sides share an essential economic vision. They see their discipline as successful insofar as it eliminates surprise-insofar, that is, as the inexorable workings of the machine override the initiatives of the human actors.

The central event of the twentieth century is the overthrow of matter. ...The powers of the mind are everywhere ascendant over the brute force of things.

All small returns are noise. To transcend the noise and the risk, seek outsized returns from technological paradigms.