It is however always important to remember that the ability to see things in their correct perspective may be, and often is, divorced from the ability to reason correctly and vice versa. That is why a man may be a very good theorist and yet talk absolute nonsense.

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.

In economic life competition is never completely lacking, but hardly ever is it perfect.

This civilization is rapidly passing away, however. Let us rejoice or else lament the fact as much as everyone of us likes; but do not let us shut our eyes to it.

Innovation is the market introduction of a technical or organisational novelty, not just its invention.

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

Creative Destruction is the essential fact about capitalism.