It was Herbert Spencer, not Charles Darwin, who coined the phrase Survival of the Fittest.

Capitalism is chronically unstable.Boom and bust has always marked capitalism in the United States. There were panics in 1785, 1791, 1819, 1857, 1869, 1873, 1907, 1929 and 1987.In economies and politics, as in war, an astonishing number of people die, like the man on the railway crossing, defending their right of way. This is a poorly developed instinct in Switzerland. No country so firmly avows the principles of private enterprise but in few have the practical concessions to socialism been more numerous and varied.

More die in the United States of too much food than of too little.

Foreign policy is conducted for the convenience and enjoyment of people in Washington.

It is almost as important to know what is not serious as to know what is.

In all modern depressions, recessions, or growth-correction, as variously they are called, we never miss the goods that are not produced. We miss only the opportunities for the labour - for the jobs - that are not provided.

One of the greatest pieces of economic wisdom is to know what you do not know.