The Only Source Of The

The Market Is Not A Place, A Thing, Or A Collective Entity. The Market Is A Process, Actuated By The Interplay Of The Actions Of The Various Individuals Cooperating Under The Division Of Labor.

He Who Acts Under An Emotional Impulse Also Acts. What Distinguishes An Emotional Action From Other Actions Is The Valuation Of Input And Output. Emotions Disarrange Valuations. Inflamed With Passion, Man Sees The Goal As More Desirable And The Price He Has To Pay For It As Less Burdensome Than He Would In Cool Deliberation.

The Liberals Of The Eighteenth Century, Guided By The Ideas Of Natural Law And Of The Enlightenment, Demanded For Everyone Equality Of Political And Civil Rights... Nothing, However, Is As Ill-founded As The Assertion Of The Alleged Equality Of All Members Of The Human Race.

What Is Needed For A Sound Expansion Of Production Is Additional Capital Goods, Not Money Or Fiduciary Media. The Credit Expansion Is Built On The Sands Of Banknotes And Deposits. It Must Collapse.

Thoughts And Ideas Are Not Phantoms. They Are Real Things. Although Intangible And Immaterial, They Are Factors In Bringing About Changes In The Realm Of Tangible And Material Things.