"Economic theory deals with two concepts, Value and Economy. Abstract reasoning regarding these concepts rests ultimately on mathematical concepts of quantity, time and energy. The three are inseparable, for quantity and time are dimensions of energy. The quantity relationships of energy, usually termed "statics," turn on the problem of the relation of the parts to the whole, while the time relationships, usually termed "dynamics," are the relations of a process that connects past, present and future."

“Liberty is absence of restraint. Freedom is participation in government.”

“It is an easy and patriotic matter for the lawyer, minister, professor, employer, or investor, placed above the arena of competition, to proclaim the equal right of all races to American opportunities; to avow his own willingness to give way should even a better Chinaman, Hindu, or Turk come in to take his place; and to rebuke the racial hatred of those who resist this displacement. His patriotism and world-wide brotherhood cost him and his family nothing, and indeed they add to his profits and leisure.”

“Legally, the term liberty means absence of duty, or rather the limit of duty.”

“While mere process of thinking is the process of habits, ideals, definitions, investigations, classifications, valuations and behavior, due process of thinking, which is due process of law, is the process of correct habits, right ideals, true definitions, sincere investigation, reasonable classification, reasonable value, and justice; whereas its opposite, undue process, is perverse habit, wrong ideals, double meanings, partial investigation, class legislation, confiscation and injustice.”

“The ‘liberty’ of one is his permission to act as he pleases, supported against interference by the power of the concern or government”

“Economic theory, since the time of the Physiocrats, has endeavored to get rid of the human will and to explain economic phenomena in terms of physical and hedonic forces. The human will had been the main reliance of the Mercantilists and of the economic theory of the Church fathers. But the will was arbitrary, capricious and contrary to natural laws. There were two stages of these physical theories which attempted to get away from the will:-the natural rights arld physical equilibrium stage of foreordained evolution of Quesnay, Adam Smith and Karl Marx, and the natural selection stage of blind evolution that followed Darwin, whose distinguished exponent in economics is Veblen. The theorists of each stage attempted to get rid of the human will and to explain economic phenomena as the working out of natural forces, either foreordained or blind. It was a concept of society as the natural growth of a mechanistic equilibrium.”