Credit expansion can bring about a temporary boom. But such a fictitious prosperity must end in a general depression of trade, a slump.

No matter how efficient school training may be, it would only produce stagnation, orthodoxy, and rigid pedantry if there were no uncommon men pushing forward beyond the wisdom of their tutors.

Depressions and mass unemployment are not caused by the free market but by government interference in the economy.

Under capitalism everybody is the architect of his own fortune.

The Santa Claus principle liquidates itself.

Both force and money are impotent against ideas.

Liberalism must be intolerant of every sort of intolerance.