What vitiates entirely the socialists economic critique of capitalism is their failure to grasp the sovereignty of the consumers in the market economy.

What is a loophole? If the law does not punish a definite action or does not tax a definite thing, this is not a loophole. It is simply the law.

History makes one wise, but not competent to solve concrete problems.

It is not enough for [the investor] to know all the factors that can possibly contribute to the determination of a future event. In order to anticipate correctly they must also anticipate correctly the quantity as it were of each factor's contribution and the instant at which its contribution will become effective.

It is completely in accord with the etatist thinking prevalent everywhere today to consider a theory to be finally disposed of merely because the authorities who control appointments to academic positions, want to know nothing of it, and to see the criterion of truth in the approval of a government office.

A society that chooses between capitalism and socialism does not choose between two social systems; it chooses between social cooperation and the disintegration of society. Socialism is not an alternative to capitalism; it is an alternative to any system under which men can live as human beings.

The market and its inescapable law are supreme.