In business, the earning of profit is something more than an incident of success. It is an essential condition of success. It is an essential condition of success because the continued absence of profit itself spells failure.

Publicity is justly commended as a remedy for social and industrial diseases. Sunlight is said to be the best of disinfectants; electric light the most efficient policeman.

Experience teaches us to be most on our guard to protect liberty when the government's purposes are beneficent.

We learned long ago that liberty could be preserved only by limiting in some way the freedom of action of individuals; that otherwise liberty would necessarily yield to absolutism; and in the same way we have learned that unless there be regulation of competition, its excesses will lead to the destruction of competition, and monopoly will take its place.

Behind every argument is someone's ignorance.

Subtler and more far-reaching means of invading privacy have become available to the government. Discovery and invention have made it possible for the government, by means far more effective than stretching upon the rack, to obtain disclosure in court of what is whispered in the closet.

Organisation can never be a substitute for initiative and for judgement.