A higher standard of living also brings about a higher standard of culture and civilization.

What pays under capitalism is satisfying the common man, the customer. The more people you satisfy, the better for you.

The state is essentially an apparatus of compulsion and coercion. The characteristic feature of its activities is to compel people through the application or the threat of force to behave otherwise than they would like to behave.

Capital does not 'beget profit' as Marx thought. The capital goods as such are dead things that in themselves do not accomplish anything. If they are utilized according to a good idea, profit results. If they are utilized according to a mistaken idea, no profit or losses result. It is the entrepreneurial decision that creates either profit or loss.

The only source from which an entrepreneurs profits stem is his ability to anticipate better than other people the future demand of the consumers.

Human action is purposeful behavior.

Under a socialist mode of production all personal incentives which selfishness provides under capitalism are removed, and a premium is put upon laziness and negligence. Whereas in a capitalist society selfishness incites everyone to the utmost diligence, in a socialist society it makes for inertia and laxity.