Quote

The final outcome of the credit expansion is general impoverishment.

Ludwig von Mises

Change background

T
T
T

Change font

TAGS & TOPICS

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
Outcomes
Final
Finals
Credit
General
Politics
Impoverishment
Outcome
Expansion

More quotes by Ludwig von Mises

Image
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.
Ludwig von Mises
Image
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.
Ludwig von Mises
Image
The sharper the competition, the better it serves its social function to improve economic production.
Ludwig von Mises
Image
War prosperity is like the prosperity that an earthquake or a plague brings...but no one has for those reasons yet sought to celebrate earthquakes and cholera as stimulators of the productive forces in the general interest.
Ludwig von Mises
Image
In a game there are winners and losers. But a business deal is always advantageous for both parties. If both the buyer and the seller were not to consider the transaction as the most advantageous action they could choose under the prevailing conditions, they would not enter into the deal.
Ludwig von Mises
Image
No one can escape the influence of a prevailing ideology.
Ludwig von Mises
Image
Our whole civilization rests on the fact that men have always succeeded in beating off the attack of the re-distributors.
Ludwig von Mises
Image
Man is not, like the animals, an obsequious puppet of instincts and sensual impulses. Man has the power to suppress instinctive desires, he has a will of his own, he chooses between incompatible ends.
Ludwig von Mises
Image
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
Ludwig von Mises
Image
The government and its chiefs do not have the powers of the mythical Santa Claus. They cannot spend except by taking out of the pockets of some people for the benefit of others.
Ludwig von Mises
Image
Experience shows that nothing is operated with less economy and with more waste of labor and material of every kind than public services and undertakings. Private enterprise on the other hand naturally induces the owner to work with the greatest economy in his own interest.
Ludwig von Mises
Image
As soon as the economic freedom which the market economy grants to its members is removed, all political liberties and bills of rights become humbug.
Ludwig von Mises
Image
The socialist system, however, forbids this fundamental freedom to choose one's own career. Under socialist conditions, there is only one economic authority, and it has the right to determine all matters concerning production.
Ludwig von Mises
Image
Competition on the market aims at assigning to every individual that function in the social system in which he can render to all his fellow men the most valuable of the services he is able to perform.
Ludwig von Mises
Image
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.
Ludwig von Mises
Image
This, then, is freedom in the external life of man-that he is independent of the arbitrary power of his fellows.
Ludwig von Mises
Image
Every innovation makes its appearance as a 'luxury' of the few well-to-do. After industry has become aware of it, the luxury then becomes a 'necessity' for all.
Ludwig von Mises
Image
Do not give in to evil, but proceed ever more boldly against it.
Ludwig von Mises
Image
Economics must not be relegated to classrooms and statistical offices and must not be left to esoteric circles. It is the philosophy of human life and action and concerns everybody and everything. It is the pith of civilization and of man's human existence.
Ludwig von Mises
Image
Socialism in Russia has not brought about an improvement in the conditions of the average man which can be compared with the improvement of conditions, during the same period, in the United States.
Ludwig von Mises