The wealth of the well-to-do of an industrial society is both the cause and effect of the masses' well-being.

What workers must learn is that the only reason why wage rates are higher in the United States is that the per head quota of capital invested is higher.

In spite of the anticapitalistic policies of all governments and of almost all political parties, the capitalist mode of production

War prosperity is like the prosperity that an earthquake or a plague brings.

Government spending cannot create additional jobs. If the government provides the funds required by taxing the citizens or by borrowing from the public, it abolishes on the one hand as many jobs as it creates on the other.

There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.

The gold standard makes the money's purchasing power independent of the changing, ambitions and doctrines of political parties and pressure groups. This is not a defect of the gold standard; it is its main excellence.