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

Under capitalism everybody provides for their own needs by serving others.

Manufacturing and commercial monopolies owe their origin not to a tendency imminent in a capitalist economy but to governmental interventionist policy directed against free trade and laissez faire.

The sharper the competition, the better it serves its social function to improve economic production.

In the socialist commonwealth every economic change becomes an undertaking whose success can be neither appraised in advance nor later retrospectively determined. There is only groping in the dark. Socialism is the abolition of rational economy.

The boom is called good business, prosperity, and upswing. Its unavoidable aftermath, the readjustment of conditions to the real data of the market, is called crisis, slump, bad business, depression.

It is completely in accord with the etatist thinking prevalent everywhere today to consider a theory to be finally disposed of merely because the authorities who control appointments to academic positions, want to know nothing of it, and to see the criterion of truth in the approval of a government office.