Planning other people's actions means to prevent them from planning for themselves, means to deprive them of their essentially human quality, means enslaving them.

The average American worker enjoys amenities for which Croesus, Crassus, the Medici, and Louis XIV would have envied him.

Changes in human conditions are brought about by the pioneering of the cleverest and most energetic men. They take the lead and the rest of mankind follows them little by little.

An entrepreneur cannot be trained. A man becomes and entrepreneur by seizing an opportunity and filling the gap. No special education is required for such a display of keen judgment, foresight, and energy.

One day, because they realize for some reason or other that they must stop credit expansion, the banks do stop creating new credit to lend. Then the firms that have expanded cannot get credit to pay for the factors of production necessary for the completion of the investment projects which they have already committed themselves. Because they cannot pay their bills, they sell off their inventories cheap. Then comes the panic, the breakdown. And the depression starts.

Nothing, however, is as ill founded as the assertion of the alleged equality of all members of the human race.

This, then, is freedom in the external life of man-that he is independent of the arbitrary power of his fellows.