What people today call inflation is not inflation, i.e., the increase in the quantity of money and money substitutes, but the general rise in commodity prices and wage rates which is the inevitable consequence of inflation.

Neither the entrepreneurs nor the farmers nor the capitalists determine what has to be produced. The consumers do that.

My theories explain, but cannot slow the decline of a great civilization. I set out to be a reformer, but only became the historian of decline.

It is vain to fight totalitarianism by adopting totalitarian methods. Freedom can only be won by men unconditionally committed to the principles of freedom. The first requisite for a better social order is the return to unrestricted freedom of thought and speech.

History can tell us what happened in the past. But it cannot assert that it must happen again in the future.

It is indeed one of the principal drawbacks of every kind of interventionism that it is so difficult to reverse the process.

What counts alone is the innovator, the dissenter, the harbinger of things unheard of, the man who rejects the traditional standards and aims at substituting new values and ideas for old ones.