History makes one wise, but not competent to solve concrete problems.

The characteristic feature of militarism is not the fact that a nation has a powerful army or navy. It is the paramount role assigned to the army within the political structure. Even in peacetime the army is supreme; it is the predominant factor in political life. The subjects must obey the government as soldiers must obey their superiors. Within a militarist community there is no freedom; there are only obedience and discipline.

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.

The state can be and has often been in the course of history the main source of mischief and disaster.

Those who satisfy the wants of a smaller number of people only collect fewer votes-dollars-than those who satisfy the wants of more people.

What people today call inflation is not inflation, i.e., the increase in the quantity of money and money substitutes, but the general rise in commodity prices and wage rates which is the inevitable consequence of inflation.

Every restriction of trade creates vested interests that are from then on opposed to its removal.