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The final outcome of the credit expansion is general impoverishment.
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
Outcomes
Final
Finals
Credit
General
Politics
Impoverishment
Outcome
Expansion
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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.
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The market system is the basis of our civilization. Its only alternative is the Führer principle.
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Public works are not accomplished by the miraculous power of a magic wand. They are paid for by funds taken away from the citizens.
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The prerequisite for more economic equality in the world is industrialization. And this is possible only through increased capital investment, increased capital accumulation.
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Sovereignty must not be used for inflicting harm on anyone, whether citizen or foreigner.
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The tricks and artifices of advertising are available to the seller of the better product no less than to the seller of the poorer product. But only the former enjoys the advantage derived from the better quality of his product.
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Nothing, however, is as ill founded as the assertion of the alleged equality of all members of the human race.
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Resentment is at work when one so hates somebody for his more favorable circumstances that one is prepared to bear heavy losses if only the hated one might also come to harm. Many of those who attack capitalism know very well that their situation under any other economic system will be less favorable.
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The philosophy commonly called individualism is a philosophy of social cooperation and the progressive intensification of the social nexus.
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Nobody ever recommended a dictatorship aiming at ends other than those he himself approved. He who advocates dictatorship always advocates the unrestricted rule of his own will
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The boom squanders through malinvestment scarce factors of production and reduces the stock available through overconsumption its alleged blessings are paid for by impoverishment.
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Is still fulfilling its social function in supplying the consumers with more, better and cheaper goods.
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The prevailing legal and moral views of a time are held not only by those whom they benefit but by those, too, who appear to suffer from them. Their domination is expressed in that fact- that the people from whom they claim sacrifice accept them.
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It is certain that many intellectuals envy the higher income of prosperous businessmen and that these feelings drive them toward socialism. They believe that the authorities of a socialist commonwealth would pay them higher salaries than those that they earn under capitalism.
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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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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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Every man aims at avoiding what causes him pain the activities of government ultimately consist in the infliction of pain. All great achievements of mankind were the product of a spontaneous effort on the part of individuals government substitutes coercion for voluntary action.
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The truth is that the government cannot give if it does not take from somebody...It is not in the power of the government to make everybody more prosperous.
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Government is a guarantor of liberty and is compatible with liberty only if its range is adequately restricted to the preservation of what is called economic freedom.
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The issue is always the same: the government or the market. There is no third solution.
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