The entrepreneur shifts economic resources out of an area of lower and into an area of higher productivity and greater yield.

To the labor of man alone Smith ascribes the power of producing values. This is an error. A more exact analysis demonstrates... that all the values are derived from the operation of labor, or rather from the industry of man, combined with the operation of those agents which nature and capital furnish him.

The entrepreneur shifts economic resources out of an area of lower and into an area of higher productivity and greater yield.

All those who, since Adam Smith, have turned their attention to Political Economy, agree that in reality we do not buy articles of consumption with money, the circulating medium with which we pay for them. We must in the first instance have bought this money itself by the sale of our produce.

Political economy has only become a science since it has been confined to the results of inductive investigation.

The manner in which things exist and take place, constitutes what is called the nature of things; and a careful observation of the nature of things is the sole foundation of all truth.

Nothing can be more idle than the opposition of theory to practice!