The only source from which an entrepreneurs profits stem is his ability to anticipate better than other people the future demand of the consumers.

The government and its chiefs do not have the powers of the mythical Santa Claus. They cannot spend except by taking out of the pockets of some people for the benefit of others.

Everybody thinks of economics whether he is aware of it or not. In joining a political party or in casting his ballot, the citizen implicitly takes a stand upon essential economic theories.

The "progressives" who today masquerade as "liberals" may rant against "fascism"; yet it is their policy that paves the way for Hitlerism. Nothing could have been more helpful to the success of the National-Socialist (Nazi) movement than the methods used by the "progressives," denouncing Nazism as a party serving the interests of "capital." The German workers knew this tactic too well to be deceived by it again.

[E]conomic history is a long record of government policies that failed because they were designed with a bold disregard for the laws of economics

It is certain that many intellectuals envy the higher income of prosperous businessmen and that these feelings drive them toward socialism. They believe that the authorities of a socialist commonwealth would pay them higher salaries than those that they earn under capitalism.

To assign to everybody his proper place in society is the task of the consumers. Their buying and abstention from buying is instrumental in determining each individual's social position.