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

The worst law is better than bureaucratic tyranny.

The capitalist system, in spite of all obstacles put in its way by governments and politicians, has raised the standard of living of the masses in an unprecedented way.

Capital is not a free gift of God or of nature. It is the outcome of a provident restriction of consumption on the part of man. It is created and increased by saving and maintained by the abstention from dissaving.

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.

Rulers do not like to admit that their power is restricted by any laws other than those of physics and biology. They never ascribe their failures and frustrations to the violation of economic law.

Experience shows that nothing is operated with less economy and with more waste of labor and material of every kind than public services and undertakings. Private enterprise on the other hand naturally induces the owner to work with the greatest economy in his own interest.