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Depression is the aftermath of credit expansion.
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
Aftermath
Expansion
Depression
Credit
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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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No very deep knowledge of economics is usually needed for grasping the immediate effects of a measure but the task of economics is to foretell the remoter effects, and so to allow us to avoid such acts as attempt to remedy a present ill by sowing the seeds of a much greater ill for the future.
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Every government intervention [in the marketplace] creates unintended consequences, which lead to calls for further government interventions.
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The worship of the state is the worship of force. There is no more dangerous menace to civilization than a government of incompetent, corrupt, or vile men. The worst evils which mankind ever had to endure were inflicted by governments.
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During the 2300 years since Plato, very little opposition has been registered to his ideas.
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Once the principle is admitted that it is the duty of the government to protect the individual against his own foolishness, no serious objections can be advanced against further encroachments.
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The flowering of human society depends on two factors: the intellectual power of outstanding men to conceive sound social and economic theories, and the ability of these or other men to make these ideologies palatable to the majority.
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Every collectivist assumes a different source for the collective will, according to his own political, religious and national convictions.
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