As Mises relates in the present book, he had early on adopted the principle of never writing about the personal moral shortcomings of his opponents, of focusing instead on their intellectual errors in order to combat the latter more effectively.
"Since the name leftist had become identified with the struggle of the individual against the tyranny of government, the new tyrants continued to use that good name for their own purposes."
In a market economy, whether it is domestic or international in scope, everyone's standard of living can rise at once.
The Austrian explanation of the boom-bust cycle makes more sense than any other explanation I've seen.
"The Austrian theory is not a theory of recessions per se; it is a theory of the unsustainable boom."
There is a letter from a Democratic party boss telling a woman that if she wants to stay on the WPA rolls, she needs to make a campaign contribution.
In his own critical work, Hayek was not satisfied with a challenge to the main thesis of an opponent. He responded to every argument advanced in the adversary's work.
The We cannot act otherwise than each of them acting on his own behalf.
Hayek criticized Keynes for his neglect of the real structure of production, arguing that Keynes's predilection for concentrating on the immediate and purely monetary phenomena accompanying changes in money expenditure, together with his penchant for aggregative macro concepts (total profits, total investment), had led him into contradictory or untenable conclusions.
