Political freedom means the absence of coercion of a man by his fellow men. The fundamental threat to freedom is power to coerce, be it in the hands of a monarch, a dictator, an oligarchy, or a momentary majority. The preservation of freedom requires the elimination of such concentration of power to the fullest possible extent and the dispersal and distribution of whatever power cannot be eliminated — a system of checks and balances.

There is one and only one responsibility of business: to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game.

Individual price and wage changes will not be prevented. In the main, price changes will simply be concealed by taking the form of changes in discounts, service, and quality, and wage changes, in overtime, perquisites and so on…. But to whatever extent the freeze is enforced, it will do harm by distorting relative prices.

To really understand something you've got to reduce it to its principles.

There is likely to be a lag between the need for action and government ["an individual's" or "a team's"] recognition of the need; a further lag between recognition of the need for action and the taking of action; and a still further lag between the action and its effects

To the best of my knowledge, there has never been a monetary union, putting out a fiat currency, composed of independent states.

Positive economics is in principle independent of any particular ethical position or normative judgment...In short, positive economics is or can be an "objective" science.