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

Socialism is not an alternative to capitalism; it is an alternative to any system under which men can live as human beings.

The body of economic knowledge is an essential element in the structure of human civilization; it is the foundation upon which modern industrialism and all the moral, intellectual, technological, and therapeutical achievements of the last centuries have been built.

Seen from the point of view of the particular group interests of the bureaucrats, every measure that makes the government's payroll swell is progress.

Capitalism and socialism are two distinct patterns of social organization. Private control of the means of production and public control are contradictory notions and not merely contrary notions. There is no such thing as a mixed economy, a system that would stand midway between capitalism and socialism.

The worst law is better than bureaucratic tyranny.

The recurrence of periods of depression and mass unemployment has discredited capitalism in the opinion of injudicious people. Yet these events are not the outcome of the operation of the free market. They are on the contrary the result of well-intentioned but ill-advised government interference with the market.