In order to succeed in business a man does not need a degree from a school of business administration. These schools train the subalterns for routine jobs. They certainly do not train entrepreneurs.

The common man is the sovereign consumer whose buying or abstention from buying ultimately determines what should be produced and in what quantity and quality.

The philosophy of protectionism is a philosophy of war.

No very deep knowledge of economics is usually needed for grasping the immediate effects of a measure; but the task of economics is to foretell the remoter effects, and so to allow us to avoid such acts as attempt to remedy a present ill by sowing the seeds of a much greater ill for the future.

What is a loophole? If the law does not punish a definite action or does not tax a definite thing, this is not a loophole. It is simply the law.

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.

What economic calculation requires is a monetary system whose functioning is not sabotaged by government interference.