The market system makes all producers responsible to the consumer.

War...is harmful, not only to the conquered but to the conqueror.

Daily experience proves clearly to everybody but the most bigoted fanatics of socialism that governmental management is inefficient and wasteful.

The idea of Socialism is at once grandiose and simple. . .We may say, in fact, that it is one of the most ambitious creations of the human spirit, . . .so magnificent, so daring, that it has rightly aroused the greatest admiration. If we wish to save the world from barbarism we have to refute Socialism, but we cannot thrust it carelessly aside.

Mankind does not drink alcohol because there are breweries, distilleries, and vineyards; men brew beer, distill spirits, and grow grapes because of the demand for alcoholic drinks.

The development of capitalism consists in everyone having the right to serve the consumer better or more cheaply.

[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