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“Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output... A steady rate of monetary growth at a moderate level can provide a framework under which a country can have little inflation and much growth. It will not produce perfect stability; it will not produce heaven on earth; but it can make an important contribution to a stable economic society.”

“As there must be moderation in other things, so there must be moderation in self-criticism. Perpetual contemplation of our own actions produces a morbid consciousness, quite unlike that normal consciousness accompanying right actions spontaneously done; and from a state of unstable equilibrium long maintained by effort, there is apt to be a fall towards stable equilibrium, in which the primitive nature reasserts itself. Retrogression rather than progression may hence result.”

“Government planning not only fails; it tends to produce outcomes that are the opposite of what its proponents say that they favor. The only stable and productive social system is one that embraces human liberty in its totality, and defends the market economy, private property, sound money, and peaceful international relations, while opposing government intervention as economically and socially destructive.”