In Order That One Industry

To Try To Cure Unemployment By Inflation Rather Than By Adjustment Of Specific Wage-rates Is Like Trying To Adjust The Piano To The Stool Rather Than The Stool To The Piano.

We Are So Accustomed To The Miracle Of Private Enterprise That We Habitually Take It For Granted. But How Does Private Industry Solve The Incredibly Complex Problem Of Turning Out Tens Of Thousands Of Different Goods And Services In The Proportions In Which They Are Wanted By The Public? ... It Solves These Problems Through The Institutions Of Private Property, Competition, The Free Market, And The Existence Of Money - Through The Interrelations Of Supply And Demand, Costs And Prices, Profits And Losses.

Government Welfarism, With Its Ever-increasing Army Of Pensioners And Other Beneficiaries, Is Fatally Easy To Launch And Fatally Easy To Extend, But Almost Impossible To Bring To A Halt - And Quite Impossible Politically To Reverse, No Matter How Obvious And Catastrophic Its Consequences Become.

Government Can't Give Us Anything Without Depriving Us Of Something Else.

There Is A Strange Idea Aboard, Held By All Monetary Cranks, That Credit Is Something A Banker Gives To A Man. Credit, On The Contrary, Is Something A Man Already Has. He Has It, Perhaps, Because He Already Has Marketable Assets Of A Greater Cash Value Than The Loan For Which He Is Asking. Or He Has It Because His Character And Past Record Have Earned It. He Brings It Into The Bank With Him. That Is Why The Banker Makes Him The Loan.