Historical knowledge is indispensable for those who want to build a better world

The masses favor socialism because they trust the socialist propaganda of the intellectuals. The intellectuals, not the populace, are molding public opinion.

The real bosses in the capitalist system of market economy are the consumers. They by their buying and by their abstention from buying decide who should own the capital and run the plants. They determine what should be produced and in what quantity and quality. Their attitudes result either in profit or in loss for the enterpriser. They make poor men rich and rich men poor. They are no easy bosses.

The illusiveness of this concept of national income is to be seen in its dependence on changes in the purchasing power of the monetary unit. The more inflation progresses, the higher rises the national income.

People do not cooperate under the division of labor because they love or should love one another. They cooperate because this best serves their own interests.

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

Public works are not accomplished by the miraculous power of a magic wand. They are paid for by funds taken away from the citizens.