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If you increase the quantity of money, you bring about the lowering of the purchasing power of the monetary unit.
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
Power
Purchasing
World
Unit
Monetary
Units
Quantity
Increase
Bring
Money
Lowering
More quotes by Ludwig von Mises
Every government intervention [in the marketplace] creates unintended consequences, which lead to calls for further government interventions.
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The state is the only institution entitled to apply coercion and compulsion and to inflict harm upon individuals. This tremendous power cannot be abandoned to the discretion of some men, however competent and clever they may deem themselves. It is necessary to restrict its application. This is the task of the laws.
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Every specific tax, as well as the nation's whole tax system, becomes self-defeating above a certain height of the rates.
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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.
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Profits are the driving force of the market economy. The greater the profits, the better the needs of the consumers are supplied... He who serves the public best, makes the highest profits.
Ludwig von Mises
Two hundred years ago, before the advent of capitalism, a man's social status was fixed from the beginning to the end of his life he inherited it from his ancestors and it never changed.
Ludwig von Mises
Under capitalism everybody is the architect of his own fortune.
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War prosperity is like the prosperity that an earthquake or a plague brings...but no one has for those reasons yet sought to celebrate earthquakes and cholera as stimulators of the productive forces in the general interest.
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Freedom is indivisible. As soon as one starts to restrict it, one enters upon a decline on which it is difficult to stop.
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If, as is generally the case, the heirs are not equal to the demands which life makes on an entrepreneur, the inherited wealth rapidly vanishes.
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The law-abiding citizen by his labor serves both himself and his fellow man and thereby integrates himself peacefully into the social order. The robber, on the other hand, is intent, not on honest toil, but on the forcible appropriation of the fruits of others' labor.
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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.
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The inequality of income and fortunes is essential in capitalism.
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It is extremely difficult for our contemporaries to conceive of the conditions of free banking because they take government interference with banking for granted and as necessary.
Ludwig von Mises
Scientific research sooner or later, but inevitably, encounters something ultimately given that it cannot trace back to something else of which it would appear as the regular or necessary derivative. Scientific progress consists in pushing further back this ultimately given.
Ludwig von Mises
The living is not perfect because it is liable to change the dead is not perfect because it does not live.
Ludwig von Mises
A nation, therefore, has no right to say to a province: You belong to me, I want to take you. A province consists of its inhabitants. If anybody has a right to be heard in this case it is these inhabitants. Boundary disputes should be settled by plebiscite.
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This dilettantish inability to comprehend the essential issues of the conduct of production affairs is not only manifested in the writings of Marx and Engels. It permeates no less the contributions of contemporary pseudo-economics.
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You have the courage to tell the masses what no politician told them: you are inferior and all the improvements in your conditions which you simply take for granted you owe to the effort of men who are better than you. If this be arrogance, as some of your critics observed, it is still the truth that had to said in the age of the Welfare State.
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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