The art of economics consists in looking not merely at the immediate but at the longer effects of any act read more

The art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups.

Rank and riches are chains of gold, but still chains.

Rank and riches are chains of gold, but still chains.

Oh, that lovely title, ex-president.

Oh, that lovely title, ex-president.

There are two methods, or means, and only two, whereby man's needs and desires can be satisfied. One is the read more

There are two methods, or means, and only two, whereby man's needs and desires can be satisfied. One is the production and exchange of wealth; this is the economic means. The other is the uncompensated appropriation of wealth produced by others; this is the political means.

The genius of a good leader is to leave behind him a situation which common sense, without the grace of read more

The genius of a good leader is to leave behind him a situation which common sense, without the grace of genius, can deal with successfully.

The essence of democracy is not that everyone makes and administers laws but that lawgivers and rulers should be dependent read more

The essence of democracy is not that everyone makes and administers laws but that lawgivers and rulers should be dependent on the people's will in such a way that they may be peaceably changed if conflict occurs.

For the sake of domestic peace, liberalism aims at democratic government. Democracy is therefore not a revolutionary institution. On the read more

For the sake of domestic peace, liberalism aims at democratic government. Democracy is therefore not a revolutionary institution. On the contrary it is the very means of preventing revolution and civil wars. It provides a method for the peaceful adjustment of government to the will of the majority.

Chinks in America's egalitarian armor are not hard to find. Democracy is the fig leaf of elitism.

Chinks in America's egalitarian armor are not hard to find. Democracy is the fig leaf of elitism.

In a democracy dissent is an act of faith. Like medicine, the test of its value is not in its read more

In a democracy dissent is an act of faith. Like medicine, the test of its value is not in its taste, but in its effects.