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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.

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
Factors
Impoverishment
Productions
Alleged
Available
Reduces
Blessing
Boom
Paid
Scarce
Blessings
Stock
Production
Squanders

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What workers must learn is that the only reason why wage rates are higher in the United States is that the per head quota of capital invested is higher.
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All the talk about the so-called unspeakable horror of early capitalism can be refuted by a single statistic: precisely in these years in which British capitalism developed, precisely in the age called the Industrial Revolution in England, in the years from 1760 to 1830, precisely in those years the population of England doubled.
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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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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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The democracy of the market consists in the fact that people themselves make their choices and that no dictator has the power to force them to submit to his value judgments.
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Freedom is indivisible. As soon as one starts to restrict it, one enters upon a decline on which it is difficult to stop.
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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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Capitalism gave the world what it needed, a higher standard of living for a steadily increasing number of people.
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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.
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What mankind needs today is liberation from the rule of nonsensical slogans and a return to sound reasoning.
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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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The situation of having to belong to a state to which one does not wish is no less onerous if it is the result of an election than if one must endure it as the consequence of a military conquest.
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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.
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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
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Profits are the driving force of the market economy. The greater the profits, the better the needs of the consumers are supplied... He who serves the public best, makes the highest profits.
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Public opinion always wants easy money, that is, low interest rates.
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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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Nobody can be at the same time a correct bureaucrat and an innovator
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Planning other people's actions means to prevent them from planning for themselves, means to deprive them of their essentially human quality, means enslaving them.
Ludwig von Mises
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The consumers suffer when the laws of the country prevent the most efficient entrepreneurs from expanding the sphere of their activities. What made some enterprises develop into big business was precisely their success in filling best the demand of the masses.
Ludwig von Mises