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[They knew that] all men are liable to error and that it could happen that the majority, deluded by faulty doctrines propagated by irresponsible demagogues, could embark upon policies that would result in disaster, even in the entire destruction of civilization. Ultimate Foundation of Economic Science, The p. 93 Majority Rule
A game is a pastime, is a means to employ ones leisure time and to banish boredom. Ultimate Foundation of Economic Science, The p. 90 Sports
Action is purposive conduct. It is not simply behavior, but behavior begot by judgments of value, aiming at a definite end and guided by ideas concerning the suitability or unsuitability of definite means. . . . It is conscious behavior. It is choosing. It is volition; it is a display of the will. Ultimate Foundation of Economic Science, The p. 34 Action
As a method of economic analysis econometrics is a childish play with figures that does not contribute anything to the elucidation of the problems of economic reality. Ultimate Foundation of Economic Science, The p. 63 Econometrics
But for an almighty supreme being there cannot be any dissatisfaction with the prevailing state of affairs. The Almighty does not act, because there is no state of affairs that he cannot render fully satisfactory without any action. Ultimate Foundation of Economic Science, The p. 3 God
Cognizance of the relation between a cause and its effect is the first step toward mans orientation in the world and is the intellectual condition of any successful activity. Ultimate Foundation of Economic Science, The p. 20 Cause and Effect
Economics is not specifically about business; it deals with all market phenomena and with all their aspects, not only with the activities of a businessman. Ultimate Foundation of Economic Science, The p. 77 Economics
Every action is a speculation, i.e., guided by a definite opinion concerning the uncertain conditions of the future. Ultimate Foundation of Economic Science, The p. 51 Speculation
Experience is a mental act on the part of thinking and acting men. Ultimate Foundation of Economic Science, The p. 15 Experience
Experience tells us something we did not know before and could not learn but for having had the experience. Ultimate Foundation of Economic Science, The p. 18 Experience
Games are not reality, but merely play. They are civilized mans outlet for deeply ingrained instincts of enmity. When the game comes to an end, the victors and the defeated shake hands and return to the reality of their social life, which is cooperation and not fighting. Ultimate Foundation of Economic Science, The p. 88 Sports
He [a consumer] buys because he believes that to acquire the merchandise in question will satisfy him better than keeping the money or spending it for something else. Ultimate Foundation of Economic Science, The p. 76 Exchange
History in the broadest sense of the term is the totality of human experience. Ultimate Foundation of Economic Science, The p. 45 History
If Dante, Shakespeare, or Beethoven had died in childhood, mankind would miss what it owes to them. In this sense we may say that chance plays a role in human affairs. Ultimate Foundation of Economic Science, The p. 61 Fate
If there were no regularity, nothing could be learned from experience. Ultimate Foundation of Economic Science, The p. 21 Regularity
In a game there are winners and losers. But a business deal is always advantageous for both parties. If both the buyer and the seller were not to consider the transaction as the most advantageous action they could choose under the prevailing conditions, they would not enter into the deal. Ultimate Foundation of Economic Science, The p. 90 Exchange
In social cooperation everyone in serving his own interests serves the interests of his fellow men. Driven by the urge to improve his own conditions, he improves the conditions of other people. The baker does not hurt those for whom he bakes bread; he serves them. Ultimate Foundation of Economic Science, The p. 88 Self-Interest
It is neither natural nor necessary that the members of the same race or the inhabitants of the same country cooperate with one another more closely than with members of other races or inhabitants of other countries. The ideas of race solidarity and racial hatred are no less ideas than any other ideas, and only where they are accepted by the individuals do they result in corresponding action. Ultimate Foundation of Economic Science, The p. 81 Races
It was in the climate created by this capitalistic system of individualism that all the modern intellectual achievements thrived. Ultimate Foundation of Economic Science, The p. 123 Freedom of Thought
It would be vain to search for a rule if there were no regularity. Ultimate Foundation of Economic Science, The p. 22 Regularity
Man is not, like the animals, an obsequious puppet of instincts and sensual impulses. Man has the power to suppress instinctive desires, he has a will of his own, he chooses between incompatible ends. Ultimate Foundation of Economic Science, The p. 57 Choice
Man is only a tiny speck in the infinite vastness of the universe and that the whole history of mankind is but a fleeting episode in the endless flux of eternity. Ultimate Foundation of Economic Science, The p. 125 Mystery
Man is the only animal that is able, within definite limits, to adjust his environment purposively to suit him better. Ultimate Foundation of Economic Science, The p. 8 Environment
Mans place in that part of the universe about which we can learn something is certainly modest only. Ultimate Foundation of Economic Science, The p. 125 Mystery
Mans striving after an improvement of the conditions of his existence impels him to action. Action requires planning and the decision which of various plans is the most advantageous. Ultimate Foundation of Economic Science, The p. 90 Action
Many of our contemporaries are firmly convinced that what is needed to render all human affairs perfectly satisfactory is brutal suppression of all bad people, i.e., of those with whom they disagree. Ultimate Foundation of Economic Science, The p. 95 Freedom
Men are unequal; individuals differ from one another. They differ because their prenatal as well as their postnatal history is never identical. Ultimate Foundation of Economic Science, The p. 59 Equality
Metaphysics and theology are not, as the positivists pretend, products of an activity unworthy of Homo sapiens, remnants of mankind's primitive age that civilized people ought to discard. They are a manifestation of mans unappeasable craving for knowledge. Ultimate Foundation of Economic Science, The p. 120 Religion
No game can, apart from the pleasure it gives to the players and to the spectators, contribute anything to the improvement of human conditions. Ultimate Foundation of Economic Science, The p. 90 Sports
No politician is any longer interested in the question whether a measure is fit to produce the ends aimed at. What alone counts for him is whether the majority of the voters favor or reject it. Ultimate Foundation of Economic Science, The p. 94 Political Parties
No reform can render perfectly satisfactory the operation of an institution the essential activity of which consists in inflicting pain. Ultimate Foundation of Economic Science, The p. 100 State
No technological computation and calculation would be possible in an environment that would not employ a generally used medium of exchange, money. Ultimate Foundation of Economic Science, The p. 127 Money
One cannot organize or institutionalize the emergence of new ideas. Ultimate Foundation of Economic Science, The p. 129 Ideas
Perhaps there are somewhere in the infinite universe beings whose minds outrank our minds to the same extent as our minds surpass those of the insects. Perhaps there will once somewhere live beings who will look upon us with the same condescension as we look upon amoebae. Ultimate Foundation of Economic Science, The p. 17 Mystery
Plato founded his utopia on the hope that a small group of perfectly wise and morally impeccable philosophers will be available for the supreme conduct of affairs. Ultimate Foundation of Economic Science, The p. 99 Plato
Plato was anxious to find a tyrant who would use his power for the realization of the Platonic ideal state. The question whether other people would like or dislike what he himself had in store for them never occurred to Plato. Ultimate Foundation of Economic Science, The p. 95 Plato
Scientific research will never succeed in providing a full answer to what is called the riddles of the universe. It can never show how out of an inconceivable nothing emerged all that is and how one day all that exists may again disappear and the nothing alone will remain. Ultimate Foundation of Economic Science, The p. 53 Mystery
Statistics is the description in numerical terms of experiences concerning phenomena not subject to regular uniformity. . . . Statistics is therefore a specific method of history. Ultimate Foundation of Economic Science, The p. 55 Statistics
The characteristic feature of all utopian plans from that of Plato down to that of Marx is the rigid petrification of all human conditions. Once the perfect state of social affairs is attained, no further changes ought to be tolerated. Ultimate Foundation of Economic Science, The p. 123 Utopians
The ideas that change the intellectual climate of a given environment are those unheard of before. For these new ideas there is no other explanation than that there was a man from whose mind they originated. Ultimate Foundation of Economic Science, The p. 91 Ideas
The macroeconomic concept of national income is a mere political slogan devoid of any cognitive value. Ultimate Foundation of Economic Science, The p. 87 Gross National Product
The main characteristic of collectivism is that it does not take notice of the individuals will and moral self-determination. Ultimate Foundation of Economic Science, The p. 106 Collectivism
The main political problem is how to prevent the police power from becoming tyrannical. This is the meaning of all the struggles for liberty. Ultimate Foundation of Economic Science, The p. 98 Liberty
The market economy itself was not a product of violent action of revolutions but of a series of gradual peaceful changes. The implications of the term industrial revolution are utterly misleading. Ultimate Foundation of Economic Science, The p. 109 Industrial Revolution
The market economy was not devised by a master mind; it was not first planned as an utopian scheme and then put to work. Ultimate Foundation of Economic Science, The p. 109 Free Market
The masses do not like those who surpass them in any regard. The average man envies and hates those who are different. Ultimate Foundation of Economic Science, The p. 123 Envy
The masses, in their capacity as consumers, ultimately determine everybody's revenues and wealth. Ultimate Foundation of Economic Science, The p. 112 Wealth
The men who are to protect the community against violent aggression easily turn into the most dangerous aggressors. They transgress their mandate. They misuse their power for the oppression of those whom they were expected to defend against oppression. Ultimate Foundation of Economic Science, The p. 98 Police Power
The nonhuman animals never proceed beyond instinctive urges and conditioned reflexes. Ultimate Foundation of Economic Science, The p. 49 Animals
The research activities of the experimental natural sciences are in themselves neutral with regard to any philosophical and political issue. But they can thrive and become beneficial for mankind only where there prevails a social philosophy of individualism and freedom. Ultimate Foundation of Economic Science, The p. 128 Technology
The social engineer is the reformer who is prepared to liquidate all those who do not fit into his plan for the arrangement of human affairs. Ultimate Foundation of Economic Science, The p. 94 Social Planning
The study of economics has been again and again led astray by the vain idea that economics must proceed according to the pattern of other sciences. Ultimate Foundation of Economic Science, The p. 3 Economics
The wealth of the well-to-do of an industrial society is both the cause and effect of the masses well-being. Ultimate Foundation of Economic Science, The p. 113 Wealth
There always remains an orbit that to the limited knowledge of man appears as an orbit of pure chance and marks life as a gamble. Man and his works are always exposed to the impact of unforeseen and uncontrollable events. Ultimate Foundation of Economic Science, The pp. 65-66 Fate
There are fads and fashions in the treatment of scientific problems and in the terminology of the scientific language. Ultimate Foundation of Economic Science, The p. 69 Science
There is within the infinite expanse of what is called the universe or nature a small field in which mans conscious conduct can influence the course of events. Ultimate Foundation of Economic Science, The p. 11 Mystery
What elevates man above all other animals is the cognition that peaceful cooperation under the principle of the division of labor is a better method to preserve life and to remove felt uneasiness than indulging in pitiless biological competition for a share in the scarce means of subsistence provided by nature. Guided by this insight, man alone among all living beings consciously aims at substituting social cooperation for what philosophers have called the state of nature or bellum omnium contra omnes or the law of the jungle. Ultimate Foundation of Economic Science, The p. 97 Law of the Jungle
What is called economic progress is the joint effect of the activities of the three progressive groups . . . the savers, the scientist-inventors, and the entrepreneurs, operating in a market economy. Ultimate Foundation of Economic Science, The p. 127 Progress
What is wrong with the discipline that is nowadays taught in most universities under the misleading label of economics is not that the teachers and the authors of the textbooks are either not businessmen or failed in their business enterprises. The fault is with their ignorance of economics and with their inability to think logically. Ultimate Foundation of Economic Science, The p. 78 Education
What pushes the masses into the camp of socialism is, even more than the illusion that socialism will make them richer, the expectation that it will curb all those who are better than they themselves are. . . . There will no longer be any room left for innovators and reformers. Ultimate Foundation of Economic Science, The p. 123 Envy
What transformed the stagnant conditions of the good old days into the activism of capitalism was not changes in the natural sciences and in technology, but the adoption of the free enterprise principle. Ultimate Foundation of Economic Science, The p. 122 Conservatism
What transformed the world of horse-drawn carriages, sailing ships, and windmills step by step into a world of airplanes and electronics was the laissez-faire principle. Ultimate Foundation of Economic Science, The p. 127 Laissez Faire
Yet the criterion of truth is that it works even if nobody is prepared to acknowledge it. Ultimate Foundation of Economic Science, The p. 94 Truth