We Must Face The Fact That The

Once Wide Coercive Powers Are Given To Governmental Agencies For Particular Purposes, Such Powers Cannot Be Effectively Controlled By Democratic Assemblies.

I Have Arrived At The Conviction That The Neglect By Economists To Discuss Seriously What Is Really The Crucial Problem Of Our Time Is Due To A Certain Timidity About Soiling Their Hands By Going From Purely Scientific Questions Into Value Questions.

The Central Problem Of Management Is How Spontaneous Interaction Of People Within A Firm, Each Possessing Only Bits Of Knowledge, Can Bring About The Competitive Success That Could Only Be Achieved By The Deliberate Direction Of A Senior Management That Possesses The Combined Knowledge Of All Employees And Contractors

It Is When It Is Contended That "in A Democracy Right Is What The Majority Makes It To Be" That Democracy Degenerates Into Demagoguery.

To Combat The Depression By A Forced Credit Expansion Is To Attempt To Cure The Evil By The Very Means Which Brought It About.