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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.
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
Competition
Market
Stand
Servile
Economy
Profitability
Free
Sealed
Disappeared
Doom
Labour
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The uncouth hordes of common men are not fit to recognize duly the merits of those who eclipse their own wretchedness.
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The egalitarian doctrine is manifestly contrary to all the facts established by biology and by history. Only fanatical partisans of this theory can contend that what distinguishes the genius from the dullard is entirely the effect of postnatal influences.
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Those who disagree with the dictator's plan have no other means to carry on than to defeat the despot by force of arms.
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A genius is always a teacher, never a pupil he is always self-made.
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The better an entrepreneur succeeds, the more is he vilified and themore is he soaked by taxation.
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Innovators and creative geniuses cannot be reared in schools. They are precisely the men who defy what the school has taught them.
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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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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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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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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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The recurrence of periods of depression and mass unemployment has discredited capitalism in the opinion of injudicious people. Yet these events are not the outcome of the operation of the free market. They are on the contrary the result of well-intentioned but ill-advised government interference with the market.
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Inflation is an increase in the quantity of money without a corresponding increase in the demand for money, i.e., for cash holdings.
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The consumers are asking for, they lose their office. Their task is service to the consumer. Profit and loss are the instruments by means of which the consumers keep a tight rein on all business activities.
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Only the naive inflationist's could believe that government could enrich mankind through fiat money.
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War prosperity is like the prosperity that an earthquake or a plague brings.
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