"The art of economics consists of looking not merely at the immediate but at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups."
Other psychic factors being equal, it is to everyone's self-interest to maximize his monetary income on the market. But this maximum income can then be used for either “selfish” or for “altruistic” ends.
The authentic German liberals have fallen into total obscurity. Today, the figures who are celebrated as early-twentieth century German liberals are men who were, in fact, collectivists and forerunners of the totalitarian state.