If one rejects laissez faire on account of mans fallibility and moral weakness, one must for the same reason also reject every kind of government action.

Rulers do not like to admit that their power is restricted by any laws other than those of physics and biology. They never ascribe their failures and frustrations to the violation of economic law.

Whether we like it or not, it is a fact that economics cannot remain an esoteric branch of knowledge accessible only to small groups of scholars and specialists. Economics deals with society's fundamental problems; it concerns everyone and belongs to all. It is the main and proper study of every citizen.

If, as is generally the case, the heirs are not equal to the demands which life makes on an entrepreneur, the inherited wealth rapidly vanishes.

Private property creates for the individual a sphere in which he is free of the state. It sets limits to the operation of the authoritarian will.

Society is joint action and cooperation in which each participant sees the other partner's success as a means for the attainment of his own.

Every specific tax, as well as the nation's whole tax system, becomes self-defeating above a certain height of the rates.