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Economic theory has demonstrated in an irrefutable way that a prosperity created by an expansionist monetary and credit policy is illusory and must end in a slump, an economic crisis.
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
Theory
Slumps
Policy
Illusory
Economic
Demonstrated
Ends
Monetary
Must
Prosperity
Way
Credit
Expansionist
Crisis
Irrefutable
Created
Slump
More quotes by Ludwig von Mises
Keynes did not teach us how to perform the miracle of turning a stone into bread, but the not at all miraculous procedure of eating the seed corn.
Ludwig von Mises
In the world of reality, life, and human action there is no such thing as interests independent of ideas, preceding them temporarily and logically. What a man considers his interest is the result of his ideas.
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
This, then, is freedom in the external life of man-that he is independent of the arbitrary power of his fellows.
Ludwig von Mises
History has witnessed the failure of many endeavors to impose peace by war, cooperation by coercion, unanimity by slaughtering dissidents.... A lasting order cannot be established by bayonets.
Ludwig von Mises
Freedom is indivisible. As soon as one starts to restrict it, one enters upon a decline on which it is difficult to stop.
Ludwig von Mises
The masses favor socialism because they trust the socialist propaganda of the intellectuals. The intellectuals, not the populace, are molding public opinion.
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
Only stilted pedants can conceive the idea that there are absolute norms to tell what is beautiful and what is not. They try to derive from the works of the past a code of rules with which, as they fancy, the writers and artists of the future should comply. But the genius does not cooperate with the pundit.
Ludwig von Mises
Many who are self-taught far excel the doctors, masters, and bachelors of the most renowned universities.
Ludwig von Mises
The philosophy of protectionism is a philosophy of war. The wars of our age are not at variance with popular economic doctrines they are, on the contrary, the inescapable result of a consistent application of these doctrines.
Ludwig von Mises
The most successful businessmen were often uneducated when measured by the scholastic standards of the teaching profession. But they were equal to their social function of adjusting production to the most urgent demand. Because of these merits the consumers chose them for business leadership.
Ludwig von Mises
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.
Ludwig von Mises
What can prevent the coming of totalitarian socialism is only a thorough change in ideologies. What we need is an open positive endorsement of that system to which we owe all the wealth that distinguished our age from the conditions of ages gone by.
Ludwig von Mises
A genius is always a teacher, never a pupil he is always self-made.
Ludwig von Mises
Government means always coercion and compulsion and is by necessity the opposite of liberty.
Ludwig von Mises
Nobody can be at the same time a correct bureaucrat and an innovator
Ludwig von Mises
The masses, in their capacity as consumers, ultimately determine everybody's revenues and wealth.
Ludwig von Mises
It is inherent in the nature of the capitalistic economy that, in the final analysis, the employment of the factors of production is aimed only toward serving the wishes of consumers.
Ludwig von Mises
Fortunes cannot grow someone has to increase them.
Ludwig von Mises
