Modern society, based as it is on the division of labor, can be preserved only under conditions of lasting peace.

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

The main characteristic of collectivism is that it does not take notice of the individual's will and moral self-determination. In the light of its philosophy the individual is born into a collective and it is "natural" and proper for him to behave as members of this collective are expected to behave. Expected by whom? Of course, by those individuals to whom, by the mysterious decrees of some mysterious agency, the task of determining the collective will and directing the actions of the collective has been entrusted.

Everything brought forward in favor of Socialism during the last hundred years, in thousands of writings and speeches, all the blood which has been spilt by the supporters of Socialism, cannot make socialism workable.

The consumers are merciless. They never buy in order to benefit a less efficient producer and to protect him against the consequences of his failure to manage better. They want to be served as well as possible. And the working of the capitalist system forces the entrepreneur to obey the orders issued by the consumers.

Economically considered, war and revolution are always bad business.

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.