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No very deep knowledge of economics is usually needed for grasping the immediate effects of a measure but the task of economics is to foretell the remoter effects, and so to allow us to avoid such acts as attempt to remedy a present ill by sowing the seeds of a much greater ill for the future.

Ludwig von Mises

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Ludwig von Mises
Age: 92 †
Born: 1881
Born: September 29
Died: 1973
Died: October 10
Economist
Philosopher
University Teacher
Writer
Lemberg
Austria
Ludwig Heinrich Edler von Mises
Ludwig Heinrich Mises
Present
Economics
Remedy
Liberty
Avoid
Immediate
Economic
Tasks
Ill
Greater
Allow
Attempt
Knowledge
Usually
Acts
Remoter
Future
Effects
Seeds
Foretell
Much
Deep
Task
Sowing
Needed
Measure
Grasping

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Innovators and creative geniuses cannot be reared in schools. They are precisely the men who defy what the school has taught them.
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What impels every man to the utmost exertion in the service of his fellow man. Is, in the market not compulsion on the part of gendarmes, hangmen and penal courts, it is self interest.
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Inflation is the true opium of the people and it is administered to them by anticapitalist governments and parties.
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There is no other planning for freedom and general welfare than to let the market system work.
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Government is the only institution that can take a valuable commodity like paper, and make it worthless by applying ink.
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Government and state can never be perfect because they owe their raison d'être to the imperfection of man and can attain their end, the elimination of man's innate impulse to violence, only by recourse to violence, the very thing they are called upon to prevent.
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Capitalists have the tendency to move toward those countries in which there is plenty of labor available and at which labor is reasonable. And by the fact that they bring capital into these countries, they bring about a trend toward higher wage rates.
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Public opinion always wants easy money, that is, low interest rates.
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What mankind needs today is liberation from the rule of nonsensical slogans and a return to sound reasoning.
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The final outcome of the credit expansion is general impoverishment.
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War prosperity is like the prosperity that an earthquake or a plague brings.
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Society is only possible on these terms, that the individual finds therein a strengthening of his own ego and his own will.
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There prevails on a free labor market a tendency toward full employment.
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Education rears disciples, imitators, and routinists, not pioneers of new ideas and creative geniuses. The schools are not nurseries of progress and improvement, but conservatories of tradition and unvarying modes of thought.
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Not mythical material productive forces, but reason and ideas determine the course of human affairs. What is needed to stop the trend toward socialism and despotism is common-sense and moral courage.
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The continued existence of society depends upon private property.
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When we call a capitalist society a consumers democracy we mean that the power to dispose of the means of production, which belongs to the entrepreneurs and capitalists, can only be acquired by means of the consumers ballot, held daily in the marketplace.
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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.
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A genius is always a teacher, never a pupil he is always self-made.
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It is the rule of law alone which hinders the rulers from turning themselves into the worst gangsters.
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