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.

American authors or scientists are prone to consider the wealthy businessman as a barbarian, as a man exclusively intent upon making money.

Capitalism means free enterprise, sovereignty of the consumers in economic matters, and sovereignty of the voters in political matters. Socialism means full government control of every sphere of the individuals life and the unrestricted supremacy of the government in its capacity as central board of production management.

Big business depends entirely on the patronage of those who buy its products: the biggest enterprises loses its power and its influence when it loses its customers.

Capitalism is essentially a system of mass production for the satisfaction of the needs of the masses. It pours a horn of plenty upon the common man. It has raised the average standard of living to a height never dreamed of in earlier ages. It has made accessible to millions of people enjoyments which a few generations ago were only within the reach of a small élite.

If one rejects laissez faire on account of mans fallibility and moral weakness, one must for the same reason also reject every kind of government action.

If you increase the quantity of money, you bring about the lowering of the purchasing power of the monetary unit.