Depression is the aftermath of credit expansion.

Behaviorism proposes to study human behavior according to the methods developed by animal and infant psychology. It seeks to investigate reflexes and instincts, automatisms and unconscious reactions. But it has told us nothing about the reflexes that have built cathedrals, railroads, and fortresses, the instincts that have produced philosophies, poems, and legal systems, the automatisms that have resulted in the growth and decline of empires, the unconscious reactions that are splitting atoms.

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

It is always the individual who thinks. Society does not think any more than it eats or drinks. The evolution of human reasoning from the naive thinking of primitive man to the more subtle thinking of modern science took place within society. However, thinking itself is always an achievement of individuals.

The fact is that, under a capitalistic system, the ultimate bosses are the consumers. The sovereign is not the state, it is the people.

Progressive taxation of income and profits means that precisely those parts of the income which people would have saved and invested are taxed away

The tow pillars of democratic government are the primacy of the law and the budget.