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Neither the entrepreneurs nor the farmers nor the capitalists determine what has to be produced. The consumers do that.
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
Freedom
Farmers
Capitalist
Produced
Consumers
Entrepreneur
Determine
Neither
Capitalists
Liberty
Entrepreneurs
More quotes by Ludwig von Mises
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
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Capital is not a free gift of God or of nature. It is the outcome of a provident restriction of consumption on the part of man. It is created and increased by saving and maintained by the abstention from dissaving.
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Reason is the main resource of man in his struggle for survival.
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The tricks and artifices of advertising are available to the seller of the better product no less than to the seller of the poorer product. But only the former enjoys the advantage derived from the better quality of his product.
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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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In public administration there is no connection between revenue and expenditure.
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The foundation of any and every civilization, including our own, is private ownership of the means of production. Whoever wishes to criticize modern civilization, therefore, begins with private property.
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The sharper the competition, the better it serves its social function to improve economic production.
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Progress is precisely that which rules and regulations did not foresee.
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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.
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In talking about equality and asking vehemently for its realization, nobody advocates a curtailment of his own present income.
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Many who are self-taught far excel the doctors, masters, and bachelors of the most renowned universities.
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Depression is the aftermath of credit expansion.
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What economic calculation requires is a monetary system whose functioning is not sabotaged by government interference.
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The Marxians love of democratic institutions was a stratagem only, a pious fraud for the deception of the masses. Within a socialist community there is no room left for freedom.
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There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.
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What vitiates entirely the socialists economic critique of capitalism is their failure to grasp the sovereignty of the consumers in the market economy.
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Under capitalism everybody provides for their own needs by serving others.
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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.
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The inequality of income and fortunes is essential in capitalism.
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