Without Speculation There Can Be No Economic

The Socialist System, However, Forbids This Fundamental Freedom To Choose One's Own Career. Under Socialist Conditions, There Is Only One Economic Authority, And It Has The Right To Determine All Matters Concerning Production.

This, Then, Is Freedom In The External Life Of Man-that He Is Independent Of The Arbitrary Power Of His Fellows.

There Are For Man Only Two Principles Available For A Mental Grasp Of Reality, Namely, Those Of Teleology And Causality. What Cannot Be Brought Under Either Of These Categories Is Absolutely Hidden To The Human Mind. An Event Not Open To An Interpretation By One Of These Two Principles Is For Man Inconceivable And Mysterious. Change Can Be Conceived As The Outcome Either Of The Operation Of Mechanistic Causality Or Of Purposeful Behavior; For The Human Mind There Is No Third Way Available.

What Is Called Economic Progress Is The Joint Effect Of The Activities Of The Three Progressive Groups-or Classes-of The Savers, The Scientist-inventors, And The Entrepreneurs, Operating In A Market Economy As Far As It Is Not Sabotaged By The Endeavors Of The Nonprogressive Majority Of The Routinists And The Public Policies Supported By Them.

Economic Knowledge Necessarily Leads To Liberalism