The state is the only institution entitled to apply coercion and compulsion and to inflict harm upon individuals. This tremendous power cannot be abandoned to the discretion of some men, however competent and clever they may deem themselves. It is necessary to restrict its application. This is the task of the laws.

It is untrue that some are poor because others are rich. If an order of society in which incomes were equal replaced the capitalist order, everyone would become poorer.

There prevails on a free labor market a tendency toward full employment.

Notwithstanding all the passionate fulminations of the spokesmen of governments, the inevitable consequences of inflationism and expansionism...are coming to pass. And then, very late indeed, even simple people will discover that Keynes did not teach us how to perform the 'miracle...of turning a stone into bread,' but the not at all miraculous procedure of eating the seed corn.

Whoever prefers life to death, happiness to suffering, well-being to misery must defend without compromise private ownership in the means of production.

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.

Progressive taxation of income and profits means that precisely those parts of the income which people would have saved and invested are taxed away