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.

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

Access to the national dividend is usually to be had only on condition of some productive service previously rendered or of some product previously sold. This condition is, in this case, not yet fulfilled. It will be fulfilled only after the successful completion of the new combinations. Hence this credit will in the meantime affect the price level.

We always plan too much and always think too little.

At the heart of capitalism is creative destruction.

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.