Progressive taxation of income and profits means that precisely those parts of the income which people would have saved and invested are taxed away

The consumers are merciless. They never buy in order to benefit a less efficient producer and to protect him against the consequences of his failure to manage better. They want to be served as well as possible. And the working of the capitalist system forces the entrepreneur to obey the orders issued by the consumers.

The only source from which an entrepreneurs profits stem is his ability to anticipate better than other people the future demand of the consumers.

As the prosperity of the nation and the height of wage rates depend on a continual increase in the capital invested in its plants, mines and farms, it is one of the foremost tasks of good government to remove all obstacles that hinder the accumulation and investment of new capital.

A lasting order cannot be established by bayonets.

The boom produces impoverishment. But still more disastrous are its moral ravages. It makes people despondent and dispirited. The more optimistic they were under the illusory prosperity of the boom, the greater is their despair and their feeling of frustration.

The school is a political prize of the highest importance. It cannot be deprived of its political character as long as it remains a public and compulsory institution.