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The boom is called good business, prosperity, and upswing. Its unavoidable aftermath, the readjustment of conditions to the real data of the market, is called crisis, slump, bad business, depression.
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
Conditions
Unavoidable
Called
Aftermath
Business
Boom
Real
Depression
Good
Data
Upswing
Prosperity
Readjustment
Market
Slump
Crisis
Slumps
More quotes by Ludwig von Mises
If people do not consume their whole incomes, the non-consumed surplus can be invested, it increases the amount of capital goods available and thereby makes it possible to embark upon projects which could not be executed before.
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Every restriction of trade creates vested interests that are from then on opposed to its removal.
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Only to bureaucrats can the idea occur that establishing new offices, promulgating new decrees, and increasing the number of government employees alone can be described as positive and beneficial measures.
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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.
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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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War can really cause no economic boom, at least not directly, since an increase in wealth never does result from destruction of goods.
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It is merely a metaphor to call competition competitive war, or simply, war. The function of battle is destruction of competition, construction.
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The Pseudo-liberals monopolize the teaching jobs at many universities. Only men who agree with them are appointed as teachers and instructors of the social sciences, and only textbooks supporting their ideas are used.
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If, as is generally the case, the heirs are not equal to the demands which life makes on an entrepreneur, the inherited wealth rapidly vanishes.
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What vitiates entirely the socialists economic critique of capitalism is their failure to grasp the sovereignty of the consumers in the market economy.
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Whoever wishes peace among peoples must fight statism.
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The main political problem is how to prevent the police power from becoming tyrannical. This is the meaning of all the struggles for liberty.
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All those evils which the [liberals] interpret as evidence of the failure of capitalism, are the necessary outcome of interference with the market.
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A new type of superstition has got hold of people's minds, the worship of the state. People demand the exercise of the methods of coercion and compulsion, of violence and threat. Woe to anybody who does not bend his knee to the fashionable idols!
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In all countries with a settled bureaucracy people used to say: The cabinets come and go, but the bureaus remain.
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Under a socialist mode of production all personal incentives which selfishness provides under capitalism are removed, and a premium is put upon laziness and negligence. Whereas in a capitalist society selfishness incites everyone to the utmost diligence, in a socialist society it makes for inertia and laxity.
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Our whole civilization rests on the fact that men have always succeeded in beating off the attack of the re-distributors.
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The history of mankind is the history of ideas.
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In order to succeed in business a man does not need a degree from a school of business administration. These schools train the subalterns for routine jobs. They certainly do not train entrepreneurs.
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There would not be any profits but for the eagerness of the public to acquire the merchandise offered for sale by the successful entrepreneur. But the same people who scramble for these articles vilify the businessman and call his profit ill-got.
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