Neither the entrepreneurs nor the farmers nor the capitalists determine what has to be produced. The consumers do that.

Two hundred years ago, before the advent of capitalism, a man's social status was fixed from the beginning to the end of his life; he inherited it from his ancestors and it never changed.

A higher standard of living also brings about a higher standard of culture and civilization.

No very deep knowledge of economics is usually needed for grasping the immediate effects of a measure; but the task of economics is to foretell the remoter effects, and so to allow us to avoid such acts as attempt to remedy a present ill by sowing the seeds of a much greater ill for the future.

What vitiates entirely the socialists economic critique of capitalism is their failure to grasp the sovereignty of the consumers in the market economy.

Everybody thinks of economics whether he is aware of it or not. In joining a political party or in casting his ballot, the citizen implicitly takes a stand upon essential economic theories.

The common man is the sovereign consumer whose buying or abstention from buying ultimately determines what should be produced and in what quantity and quality.