It is, after all, only common sense to realize that, but for the fact that economic life is a process of incessant internal change, the business cycle, as we know it, would not exist.

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.

Those revolutions are not strictly incessant; they occur in discrete rushes which are separated from each other by spans of comparative quiet. The process as a whole works incessantly however, in the sense that there always is either revolution or absorption of the results of revolution, both together forming what are known as business cycles.

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.

To the believer Marxism presents, first, a system of ultimate ends that embody the meaning of life and are absolute standards by which to judge events and actions.

The modern mind dislikes gold because it blurts out unpleasant truths.

I set out to become the greatest lover in Vienna, the greatest horseman in Austria, and the greatest economist in the world. Alas, for the illusions of youth: as a horseman, I was never really first-rate.