Without calculation, economic activity is impossible. Since under Socialism economic calculation is impossible, under Socialism there can be no economic activity in our sense of the word All economic change, therefore, would involve operations the value of which could neither be predicted beforehand nor ascertained after they had taken place. Everything would be a leap in the dark. Socialism is the renunciation of rational economy.

Under capitalism everybody provides for their own needs by serving others.

Thus, the isolated interference with one or a few prices of consumer goods always bring about effects-and this is important to realize-which are even less satisfactory than the conditions that prevailed before.

The essence of democracy is not that everyone makes and administers laws but that lawgivers and rulers should be dependent on the people's will in such a way that they may be peaceably changed if conflict occurs.

The distinctive principle of Western social philosophy is individualism.

Despots and democratic majorities are drunk with power.

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