Why should we stunt our ambitions and impoverish our lives in order to be insulted and looked down upon in our old age?

We always plan too much and always think too little. We resent a call to thinking and hate unfamiliar argument that does not tally with what we already believe or would like to believe.

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

I know that it is not enough to be remembered for books and theories. One does not make a difference unless it is a difference in people's lives.

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.

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.

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