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The capitalist system of production is an economic democracy in which every penny gives a right to vote. The consumers are the sovereign people. The capitalists, the entrepreneurs, and the farmers are the people's mandatories. If they do not obey, if they fail to produce, at the lowest possible cost, what

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
Giving
Failing
Consumers
Penny
Every
Produce
Production
Pennies
People
Gives
Productions
Entrepreneurs
Democracy
Entrepreneur
Obey
System
Capitalism
Lowest
Economic
Fail
Sovereign
Possible
Vote
Farmers
Right
Cost
Capitalist
Capitalists

More quotes by Ludwig von Mises

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No one can escape the influence of a prevailing ideology.
Ludwig von Mises
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The democracy of the market consists in the fact that people themselves make their choices and that no dictator has the power to force them to submit to his value judgments.
Ludwig von Mises
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Where there is no market economy, the best intentioned provisions of constitutions and laws remain a dead letter.
Ludwig von Mises
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The usual terminology of political language is stupid. What is 'left' and what is 'right'? Why should Hitler be 'right' and Stalin, his temporary friend, be 'left'? Who is 'reactionary' and who is 'progressive'? Reaction against an unwise policy is not to be condemned. And progress towards chaos is not to be commended.
Ludwig von Mises
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It is impossible to describe any human action if one does not refer to the meaning the actor sees in the stimulus as well as in the end his response is aiming at.
Ludwig von Mises
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One has to recognize that science is not metaphysics, and certainly not mysticism it can never bring us the illumination and the satisfaction experienced by one enraptured in ecstasy. Science is sobriety and clarity of conception, not intoxicated vision.
Ludwig von Mises
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The capitalist system was termed capitalism not by a friend of the system, but by an individual who considered it to be the worst of all historical systems, the greatest evil that had ever befallen mankind. That man was Karl Marx.
Ludwig von Mises
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The alcoholic and the drug addict harm only themselves by their behavior the person who violates the rules of morality governing mans life in society harms not only himself, but everyone.
Ludwig von Mises
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In spite of the anticapitalistic policies of all governments and of almost all political parties, the capitalist mode of production
Ludwig von Mises
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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.
Ludwig von Mises
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It is impossible to understand the history of economic thought if one does not pay attention to the fact that economics as such is a challenge to the conceit of those in power.
Ludwig von Mises
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Assistance granted to the unemployed does not dispose of unemployment. It makes it easier for the unemployed to remain idle.
Ludwig von Mises
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The market system is the basis of our civilization. Its only alternative is the Führer principle.
Ludwig von Mises
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Science does not give us absolute and final certainty. It only gives us assurance within the limits of our mental abilities and the prevailing state of scientific thought.
Ludwig von Mises
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The masses, in their capacity as consumers, ultimately determine everybody's revenues and wealth.
Ludwig von Mises
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Inflation has always been an important resource of policies of war and revolution and why we also find it in the service of socialism.
Ludwig von Mises
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An essential point in the social philosophy of interventionism is the existence of an inexhaustible fund which can be squeezed forever. The whole system of interventionism collapses when the fountain is drained off: The Santa Clause principle liquidates itself.
Ludwig von Mises
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All people, entrepreneurs as well as non-entrepreneurs, look askance upon any profits earned by other people. Envy is a common weakness of men. People are loath to acknowledge the fact that they themselves could have earned profits if they had displayed the same foresight and judgment the successful businessman did.
Ludwig von Mises
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Nobody can be at the same time a correct bureaucrat and an innovator
Ludwig von Mises
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It is the rule of law alone which hinders the rulers from turning themselves into the worst gangsters.
Ludwig von Mises