Whoever wants peace among nations must seek to limit the state and its influence most strictly.

What makes small business develop into big business is not spending, but saving and capital accumulation.

Production is not something physical, material, and external; it is a spiritual and intellectual phenomenon.

In the socialist commonwealth every economic change becomes an undertaking whose success can be neither appraised in advance nor later retrospectively determined. There is only groping in the dark. Socialism is the abolition of rational economy.

It is not enough for [the investor] to know all the factors that can possibly contribute to the determination of a future event. In order to anticipate correctly they must also anticipate correctly the quantity as it were of each factor's contribution and the instant at which its contribution will become effective.

Louis XIV was very frank and sincere when he said: I am the State. The modern statist is modest. He says: I am the servant of the State; but, he implies, the State is God. You could revolt against a Bourbon king, and the French did it. This was, of course, a struggle of man against man. But you cannot revolt against the god State and against his humble handy man, the bureaucrat.

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.