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" The 'boom-bust' cycle is generated by monetary intervention in the market, specifically bank credit expansion to business. "

Murray Rothbard

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" Ultimately, there is no entity called 'government'; there are only people forming themselves into groups called 'governments' and acting in a 'governmental' manner. "

Murray Rothbard

" Libertarians regard the state as the Supreme, the eternal, the best organized aggressor against the persons and property of the mass of the public. All states everywhere, whether democratic, dictatorial, or monarchical, whether red, white, blue or brown. "

Murray Rothbard

" If you wish to know how libertarians regard the State and any of its acts, simply think of the State as a criminal band, and all of the libertarian attitudes will logically fall into place. "

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" In order to conquer the world of economics with his new theory, it was critical for Keynes to destroy his rivals within Cambridge itself. In his mind, he who controlled Cambridge controlled the world. "

Murray Rothbard

" Only individuals can desire and act. The existence of an institution such as government becomes meaningful only through influencing the actions of those individuals who are and those who are not considered as members. "

Murray Rothbard

" The State lives by its very existence on the two-fold and pervasive employment of aggressive violence against the very liberty and property of individuals that it is supposed to be defending. "

Murray Rothbard

" Hoover had prevented 'an immediate attack upon wages as a basis of maintaining profits,' but the result of wiping out profits and maintaining artificial wage rates was chronic, unprecedented depression. "

Murray Rothbard

" Famine emerges from a lack of interlocal trade; when one locality's food crop fails, since there is virtually no trade with other localities, the bulk of the people starve. It is precisely the permeation of the free market throughout the world that has virtually ended this scourge of famine by permitting trade between areas. "

Murray Rothbard

" Philosophically, I believe that libertarianism - and the wider creed of sound individualism of which libertarianism is a part - must rest on absolutism and deny relativism. "

Murray Rothbard

" In the panic of 1819, the protectionists stressed the lack of consumer markets abroad and the necessity for building up a market at home. The inflationists, on the other hand, stressed the shortage of money capital available to manufacturers as a cause of the crisis. "

Murray Rothbard

" Reagonomics - a blend of monetarism and fiscal Keynesianism swathed in classical liberal and supply-side rhetoric - is in no way going to solve the problem of inflationary depression or of the business cycle. "

Murray Rothbard

" The very essence of political philosophy is the carving out of an ethical system - strictly, a subset of ethics dealing with political ethics. Ethics is the one rational discipline that demands the establishment of a rational set of value judgments; political ethics is that subset applying to matters of State. "

Murray Rothbard

" On the market, all is harmony. But as soon as intervention appears and is established, conflict is created, for each may participate in a scramble to be a net gainer rather than a net loser - to be part of the invading team instead of one of the victims. "

Murray Rothbard

" All action is an attempt to exchange a less satisfactory state of affairs for a more satisfactory one. "

Murray Rothbard

" Commercial banks - that is, fractional reserve banks - create money out of thin air. Essentially, they do it in the same way as counterfeiters. "

Murray Rothbard

" What is so terrible about transaction costs? On what basis are they considered the ultimate evil, so that their minimization must override all other considerations of choice, freedom, and justice? "

Murray Rothbard

" Praxeology - economics - provides no ultimate ethical judgments: it simply furnishes the indispensable data necessary to make such judgments. "

Murray Rothbard

" The Panic of 1819 exerted a profound effect on American economic thought. As the first great financial depression, similar to a modern expansion-depression pattern, the panic heightened interest in economic problems, and particularly those problems related to the causes and cures of depressed conditions. "

Murray Rothbard

" It is human nature that when you see something work well, you do more of it. If, in its ceaseless quest for revenue, government sees a seemingly harmless method of raising funds without causing much inflation, it will grab on to it. "

Murray Rothbard

" I think one of the most important directions to be pursued in the 'sciences of human action' is to develop a natural-law ethics based on nature rather than, or at least to supplement, ethics based on theological revelation. "

Murray Rothbard

" Every man must have freedom, must have the scope to form, test, and act upon his own choices, for any sort of development of his own personality to take place. He must, in short, be free in order that he may be fully human. "

Murray Rothbard

" Since the State necessarily lives by the compulsory confiscation of private capital, and since its expansion necessarily involves ever-greater incursions on private individuals and private enterprise, we must assert that the State is profoundly and inherently anticapitalist. "

Murray Rothbard

" As 'Austrian' business cycle theory has pointed out, any bank credit inflation sets up conditions for boom-and-bust; there is no need for prices actually to rise. "

Murray Rothbard

" The successful entrepreneurs on the free market will be the ones most adept at anticipating future business conditions. Yet, the forecasting can never be perfect, and entrepreneurs will continue to differ in the success of their judgments. If this were not so, no profits or losses would ever be made in business. "

Murray Rothbard

" I do not go so far as the extreme male 'sexists' who contend that women should confine themselves to the home and children and that any search for alternative careers is unnatural. On the other hand, I do not see much more support for the opposite contention that domestic-type women are violating their natures. "

Murray Rothbard

" The Jacksonians were libertarians, plain and simple. Their program and ideology were libertarian; they strongly favored free enterprise and free markets, but they just as strongly opposed special subsidies and monopoly privileges conveyed by government to business or to any other group. "

Murray Rothbard

" After the Volcker Fund collapsed, I got another grant from the Lilly Endowment to do a history of the U.S., which I worked on from 1962-66. The original idea was to take the regular facts and put a libertarian assessment on everything. "

Murray Rothbard

" Subjectivism is not an absolute principle; it is a necessary but not sufficient condition for sound methodology. "

Murray Rothbard

" As the greatest and last major crisis before 1836, the panic of 1819 holds considerable interest for the study of business cycles and for the present day. It was an economy in transition, as it were, to a state where business cycles as we know them would develop. "

Murray Rothbard

" In the market, the fittest are those most able to serve the consumers; in government, the fittest are those most adept at wielding coercion and/or those most adroit at making demagogic appeals to the voting public. "

Murray Rothbard