Value is not intrinsic, it is not in things. It is within us; it is the way in which man reacts to the conditions of his environment. Neither is value in words and doctrines, it is reflected in human conduct. It is not what a man or groups of men say about value that counts, but how they act.

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 elimination of profit, whatever methods may be resorted to for its execution, must transform society into a senseless jumble. It would create poverty for all.

He who only wishes and hopes does not interfere actively with the course of events and with the shaping of his own destiny.

He who accepts life for what it is and never allows himself to be overwhelmed by it does not need to seek refuge for his crushed self-confidence in the solace of a 'saving lie'. If the longed-for success is not forthcoming, if the vicissitudes of fate destroy in the twinkling of an eye what had to be painstakingly built up by years of hard work, then he simply multiplies his exertions. He can look disaster in the eye without despairing.

The issue is always the same: the government or the market. There is no third solution.

Every innovation makes its appearance as a 'luxury' of the few well-to-do. After industry has become aware of it, the luxury then becomes a 'necessity' for all.