Monetary calculation is not the calculation, and certainly not the measurement, of value. Its basis is the comparison of the more important and the less important. It is an ordering according to rank, an act of grading (Cuhel), and not an act of measuring. It was a mistake to search for a measure of the value of goods. In the last analysis, economic calculation does not rest on the measurement of values, but on their arrangement in an order of rank.

This, then, is freedom in the external life of man-that he is independent of the arbitrary power of his fellows.

The attainment of the economic aims of man presupposes peace.

The causes of all panics, crashes and depressions can be summed up in only four words: the misuse of credit.

The essential characteristic of Western civilization that distinguishes it from the arrested and petrified civilizations of the East was and is its concern for freedom from the state.

Government is the only institution that can take a valuable commodity like paper, and make it worthless by applying ink.

If you increase the quantity of money, you bring about the lowering of the purchasing power of the monetary unit.