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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
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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
Granted
Necessary
Conditions
Free
Contemporaries
Difficult
Interference
Government
Conceive
Take
Banking
Extremely
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The bureaucrat is not free to aim at improvement. He is bound to obey rules and regulations established by a superior body. He has no right to embark upon innovations if his superiors do not approve of them. His duty and his virtue is to be obedient.
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Political ideas that have dominated the public mind for decades cannot be refuted through rational arguments. They must run their course in life and cannot collapse otherwise than in great catastrophe.
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Socialism and interventionism. Both have in common the goal of subordinating the individual unconditionally to the state.
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If some peoples pretend that history or geography gives them the right to subjugate other races, nations, or peoples, there can be no peace.
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He who disdains the fall in infant mortality and the gradual disappearance of famines and plagues may cast the first stone upon the materialism of the economists.
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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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Anarchism misunderstands the real nature of man. It would be practicable only in a world of angels and saints
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Marx and Engels openly declared that the progressive income tax and the death tax are 'economically untenable' and that they advocated them only because 'they necessitate further inroads' upon the capitalist system and are 'unavoidable' as a means of bringing about socialism.
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Education rears disciples, imitators, and routinists, not pioneers of new ideas and creative geniuses. The schools are not nurseries of progress and improvement, but conservatories of tradition and unvarying modes of thought.
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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.
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As the science of economics...exploded the fallacies of every brand of utopianism, it was outlawed and stigmatized as unscientific.
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The capitalist system, in spite of all obstacles put in its way by governments and politicians, has raised the standard of living of the masses in an unprecedented way.
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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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How pale is the art of sorcerers, witches, and conjurors when compared with that of the government's Treasury Department!
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What makes the existence and the evolution of society possible is precisely the fact that peaceful cooperation under the social division of labor in the long run best serves the selfish concerns of all individuals. The eminence of the market society is that its whole functioning and operation is the consummation of this principle.
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Action based on reason, action therefore which is only to be understood by reason, knows only one end, the greatest pleasure of the acting individual.
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Reason is the main resource of man in his struggle for survival.
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A genius is always a teacher, never a pupil he is always self-made.
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Servile labour disappeared because it could not stand the competition of free labour its un-profitability sealed its doom in the market economy.
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