We owe the origin and development of human society and, consequently, of culture and civilization, to the fact that work performed under the division of labor is more productive than when performed in isolation.

History does not provide any example of capital accumulation brought about by a government. As far as governments invested in the construction of roads, railroads, and other useful public works, the capital needed was provided by the savings of individual citizens and borrowed by the government.

The philosophy commonly called individualism is a philosophy of social cooperation and the progressive intensification of the social nexus.

What impels every man to the utmost exertion in the service of his fellow man. Is, in the market not compulsion on the part of gendarmes, hangmen and penal courts, it is self interest.

The study of economics has been again and again led astray by the vain idea that economics must proceed according to the pattern of other sciences.

It is not enough for [the investor] to know all the factors that can possibly contribute to the determination of a future event. In order to anticipate correctly they must also anticipate correctly the quantity as it were of each factor's contribution and the instant at which its contribution will become effective.

The tow pillars of democratic government are the primacy of the law and the budget.