State interference in economic life, which calls itself economic policy, has done nothing but destroy economic life. Prohibitions and regulations have by their general obstructive tendency fostered the growth of the spirit of wastefulness.
Society is best served when the means of production are in the possession of those who know how to use them best.
The gold standard makes the money's purchasing power independent of the changing, ambitions and doctrines of political parties and pressure groups. This is not a defect of the gold standard; it is its main excellence.
Public works are not accomplished by the miraculous power of a magic wand. They are paid for by funds taken away from the citizens.
The struggle for freedom is not the struggle of the many against the few, but of minorities, sometimes of a minority of but one man gainst the majority.
It is impossible to understand the history of economic thought if one does not pay attention to the fact that economics as such is a challenge to the conceit of those in power.
Laissez faire does not mean: let soulless mechanical forces operate. It means: let individuals choose how they want to cooperate in the social division of labor and let them determine what the entrepreneurs should produce.
Many who are self-taught far excel the doctors, masters, and bachelors of the most renowned universities.
Whoever wants peace among nations must seek to limit the state and its influence most strictly.
Government is an apparatus of compulsion and coercion.
In the bureaucratic machine of socialism the way toward promotion is not achievement but the favor of the superiors.
The mark of the creative mind is that it defies a part of what it has learned.
Nothing, however, is as ill founded as the assertion of the alleged equality of all members of the human race.
The riches of successful entrepreneurs is not the cause of anybody's poverty; it is the consequence of the fact that the consumers are better supplied than they would have been in the absence of the entrepreneur's efforts.
The government pretends to be endowed with the mystical power to accord favors out of an inexhaustible horn of plenty. It is both omniscient and omnipotent. It can by a magic wand create happiness and abundance. The truth is the government cannot give if it does not take from somebody.
The first socialists were the intellectuals; they, and not the masses, are the backbone of Socialism.
There is no means by which anyone can evade his personal responsibility. Whoever neglects to examine to the best of his abilities all the problems involved voluntarily surrenders his birthright to a selfappointed elite of supermen. In such vital matters blind reliance upon 'experts' and uncritical acceptance of popular catchwords and prejudices is tantamount to the abandonment of self-determination and to yielding to other people's domination. As conditions are today, nothing can be more important to every intelligent man than economics. His own fate and that of his progeny are at stake.
A famous, very often quoted phrase says: "That government is best, which governs least." I do not believe this to be a correct description of of the functions of a good government. Government ought to do all the things for which it is needed and for which it is established. Government ought to protect the individuals within the country against the violent and fraudulent attacks of gangsters, and it should defend the country against foreign enemies. These are the functions of government within a free system, within the system of the market economy.
The entrepreneur profits to the extent he has succeeded in serving the consumers better than other people have done.
In a battle between force and an idea, the latter always prevails.
Private property creates for the individual a sphere in which he is free of the state. It sets limits to the operation of the authoritarian will.
Both force and money are impotent against ideas.
In talking about equality and asking vehemently for its realization, nobody advocates a curtailment of his own present income.
Every extension of the functions and power of the State beyond its primary duty of maintaining peace and justice should be scrutinized with jealous vigilance.
History has witnessed the failure of many endeavors to impose peace by war, cooperation by coercion, unanimity by slaughtering dissidents.... A lasting order cannot be established by bayonets.
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