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

Democracy is a political method, that is to say, a certain type of institutional arrangement for arriving at political — legislative and administrative — decisions and hence incapable of being an end in itself.

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.

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

Bureaucracy is not an obstacle to democracy but an inevitable complement to it.

The typical citizen drops down to a lower level of mental performance as soon as he enters the political field. He argues and analyzes in a way which he would readily recognize as infantile within the sphere of his real interests. He becomes primitive again.

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