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.

The market economy-capitalism-is a social system of consumers' supremacy.

The philosophy commonly called individualism is a philosophy of social cooperation and the progressive intensification of the social nexus.

Notwithstanding all the passionate fulminations of the spokesmen of governments, the inevitable consequences of inflationism and expansionism...are coming to pass. And then, very late indeed, even simple people will discover that Keynes did not teach us how to perform the 'miracle...of turning a stone into bread,' but the not at all miraculous procedure of eating the seed corn.

My theories explain, but cannot slow the decline of a great civilization. I set out to be a reformer, but only became the historian of decline.

In the socialist commonwealth every economic change becomes an undertaking whose success can be neither appraised in advance nor later retrospectively determined. There is only groping in the dark. Socialism is the abolition of rational economy.

The superiority of the gold standard consists in the fact that the value of gold develops independent of political actions.