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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
Produced
Consumers
Entrepreneur
Determine
Capitalists
Neither
Entrepreneurs
Liberty
Farmers
Freedom
Capitalist

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The first socialists were the intellectuals they, and not the masses, are the backbone of Socialism.
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A new type of superstition has got hold of people's minds, the worship of the state.
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The common man is the sovereign consumer whose buying or abstention from buying ultimately determines what should be produced and in what quantity and quality.
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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.
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Capital does not 'beget profit' as Marx thought. The capital goods as such are dead things that in themselves do not accomplish anything. If they are utilized according to a good idea, profit results. If they are utilized according to a mistaken idea, no profit or losses result. It is the entrepreneurial decision that creates either profit or loss.
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All this talk: the state should do this or that, ultimately means: the police should force consumers to behave otherwise than they would behave spontaneously.
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Depression is the aftermath of credit expansion.
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Governments, political parties, pressure groups, and the bureaucrats of the educational hierarchy think they can avoid the inevitable consequences of unsuitable measures by boycotting and silencing the independent economists. But truth persists and works, even if nobody is left to utter it.
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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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