The Stock Exchange Is A Poor Substitute

The Function Of Entrepreneurs Is To Reform Or Revolutionize The Pattern Of Production By Exploiting An Invention Or, More Generally, An Untried Technological Possibility For Producing A New Commodity Or Producing An Old One In A New Way, By Opening Up A New Source Of Supply Of Materials Or A New Outlet For Products, By Reorganizing An Industry And So On.

It Is, After All, Only Common Sense To Realize That, But For The Fact That Economic Life Is A Process Of Incessant Internal Change, The Business Cycle, As We Know It, Would Not Exist.

The Very Foundation Of Private Property And Free Contracting Wears Away In A Nation In Which Its Most Vital, Most Concrete, Most Meaningful Types Of Private Property And Free Contracting Disappear From The Moral Horizon Of The People.

The Capitalist Achievement Does Not Typically Consist In Providing More Silk Stocking For Queens But In Bringing Them Within The Reach Of Factory Girls In Return For A Steadily Decreasing Amount Of Effort.

To Realize The Relative Validity Of One's Convictions And Yet Stand For Them Unflinchingly Is What Distinguishes A Civilized Man From A Barbarian.