The only source of the generation of additional capital goods is saving. If all the goods produced are consumed, no new capital comes into being.

In reality no food is valued solely for its nutritive power and no garment or house solely for the protection it affords against cold weather and rain.... the demand for goods is widely influenced by metaphysical, religious, and ethical considerations, by aesthetic value judgments, by customs, habits, prejudice, tradition, changing fashions, and many other things.

One day, because they realize for some reason or other that they must stop credit expansion, the banks do stop creating new credit to lend. Then the firms that have expanded cannot get credit to pay for the factors of production necessary for the completion of the investment projects which they have already committed themselves. Because they cannot pay their bills, they sell off their inventories cheap. Then comes the panic, the breakdown. And the depression starts.

All varieties of interference with the market phenomena not only fail to achieve the ends aimed at by their authors and supporters, but bring about a state of affairs which - from the point of view of their authors and advocates valuations - is less desirable than the previous state of affairs which they were designed to alter.

Despots and democratic majorities are drunk with power.

A nation cannot prosper if its members are not fully aware of the fact that what alone can improve their condition s is more and better production. And this can only be brought about by increased saving and capital accumulation.

The entrepreneur profits to the extent he has succeeded in serving the consumers better than other people have done.