All we can thus far say about the duration of the units of [the business cycle] and each of [its] two phases is that it will depend on the nature of the particular innovations that carry a cycle,... and the financial conditions and habits prevailing in the business community in each case.

Entrepreneurial profit is the expression of the value of what the entrepreneur contributes to production.

Politicians are like bad horsemen who are so preoccupied with staying in the saddle that they can't bother about where they're going.

Geniuses and prophets do not usually excel in professional learning, and their originality, if any, is often due precisely to the fact that they do not.

The religious quality of Marxism also explains a characteristic attitude of the orthodox Marxist toward opponents. To him, as to any believer in a Faith, the opponent is not merely in error but in sin. Dissent is disapproved of not only intellectually but also morally. There cannot be any excuse for it once the Message has been revealed.

Profit is the payment you get when you take advantage of change.

The essential point to grasp is that in dealing with capitalism we are dealing with an evolutionary process