The [liberals] consider profits as objectionable. The very existence of profits is in their eyes a proof that wage rates could be raised without harm to anybody. They speak of profit without dealing with loss. Profit and loss are the instruments by means of which the consumers keep a tight rein on all business activities. A profitable enterprise tends to expand; an unprofitable one tends to shrink. The elimination of profit renders production rigid and abolishes the consumer's control.

To defeat the aggressors is not enough to make peace durable. The main thing is to discard the ideology that generates war.

All present-day governments are fanatically committed to an easy money policy.

The policy of letting the free market determine the height of wage rates is the only reasonable and successful full-employment policy.

Society is best served when the means of production are in the possession of those who know how to use them best.

The middle-of-the-road policy is not an economic system that can last. It is a method for the realization of socialism by installments.

A lasting order cannot be established by bayonets.