The state has been living on a revenue which was being produced in the private sphere for private purposes and had to be deflected from these purposes by political force. The theory that construes taxes on the analogy of club dues or of the purchase of the services of, say, a doctor only proves how far removed this part of the social sciences is from scientific habits of mind.

It is not true that democracy will always safeguard freedom of conscience better than autocracy. Witness the most famous of all trials. Pilate was, from the standpoint of the Jews, certainly the representative of autocracy. Yet he tried to protect freedom. And he yielded to a democracy.

The metal of economic theory is in Marx's pages immersed in such a wealth of steaming phrases as to acquire a temperature not naturally its own.

The intellectual and social climate needed to allow entrepreneurship to thrive will not exist in advanced capitalism.

Creative Destruction is the essential fact about capitalism.

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

There exists no more democratic institution than the market