Used to the conditions of a capitalistic environment, the average American takes it for granted that every year business makes something new and better accessible to him. Looking backward upon the years of his own life, he realizes that many implements that were totally unknown in the days of his youth and many others which at that time could be enjoyed only by a small minority are now standard equipment of almost every household.

Liberalism and capitalism address themselves to the cool, well-balanced mind. They proceed by strict logic, eliminating any appeal to the emotions. Socialism, on the contrary, works on the emotions, tries to violate logical considerations by rousing a sense of personal interest and to stifle the voice of reason by awakening primitive instincts.

[T]he essence of so-called war prosperity: it enriches some by what it takes from others. It is not rising wealth but a shifting of wealth and income.

The government and its chiefs do not have the powers of the mythical Santa Claus. They cannot spend except by taking out of the pockets of some people for the benefit of others.

Peace and not war is the father of all things.

Human civilization is not something achieved against nature; it is rather the outcome of the working of the innate qualities of man.

The study of economics has been again and again led astray by the vain idea that economics must proceed according to the pattern of other sciences.