In order that one industry might grow or come into existence, a hundred other industries would have to shrink.

Government welfarism, with its ever-increasing army of pensioners and other beneficiaries, is fatally easy to launch and fatally easy to extend, but almost impossible to bring to a halt - and quite impossible politically to reverse, no matter how obvious and catastrophic its consequences become.

In a free enterprise system, with an honest and stable money, there is dominantly a close link between effort and productivity, on the one hand, and economic reward on the other. Inflation severs this link. Reward comes to depend less and less on effort and production, and more and more on successful gambling and luck.

Yet it ought to be clear that a minimum wage law is, at best, a limited weapon for combatting the evil of low wages, and that the possible good to be achieved by such a law can exceed the possible harm only in proportion as its aims are mode.

Diluting the money supply with paper is the moral equivalent of diluting the milk supply with water.

A man who is good from docility, and not from stern self-control, has no character.

A hundred welfare programs, spending more and more billions, lead to chronic budget deficits, which lead to increased paper-money issues, which lead to higher prices.