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Socialism is the renunciation of rational 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
Socialism
Rational
Economy
Renunciation

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He who disdains the fall in infant mortality and the gradual disappearance of famines and plagues may cast the first stone upon the materialism of the economists.
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Men are fighting one another because they are convinced that the extermination and liquidation of adversaries is the only means of promoting their own well-being.
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Western civilization is based upon the libertarian principle, and all its achievements are the results of the action of free men.
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The final outcome of the credit expansion is general impoverishment.
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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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Inflation has always been an important resource of policies of war and revolution and why we also find it in the service of socialism.
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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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In the socialist commonwealth every economic change becomes an undertaking whose success can be neither appraised in advance nor later retrospectively determined. There is only groping in the dark. Socialism is the abolition of rational economy.
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Violent resistance against the power of the state is the last resort of the minority in its effort to break loose from the oppression of the majority. ... The citizen must not be so narrowly circumscribed in his activities that, if he thinks differently from those in power, his only choice is either to perish or to destroy the machinery of state.
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Nobody can be at the same time a correct bureaucrat and an innovator
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The public firm can nowhere maintain itself in free competition with the private firm it is possible today only where it has a monopoly that excludes competition. Even that alone is evidence of its lesser economic productivity.
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What makes the existence and the evolution of society possible is precisely the fact that peaceful cooperation under the social division of labor in the long run best serves the selfish concerns of all individuals. The eminence of the market society is that its whole functioning and operation is the consummation of this principle.
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A short time ago the demagogues blamed capitalism for the poverty of the masses. Today they rather blame capitalism for the affluence that it bestows upon the common man.
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No one can escape the influence of a prevailing ideology.
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All people, entrepreneurs as well as non-entrepreneurs, look askance upon any profits earned by other people. Envy is a common weakness of men. People are loath to acknowledge the fact that they themselves could have earned profits if they had displayed the same foresight and judgment the successful businessman did.
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Government policies try to prevent the emergence of serious unemployment by credit expansion, i.e., inflation. The outcome was rising prices, renewed demands for higher wages and reiterated credit expansion in short, protracted inflation.
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Public opinion always wants easy money, that is, low interest rates.
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Once the principle is admitted that it is the duty of the government to protect the individual against his own foolishness, no serious objections can be advanced against further encroachments.
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Economic theory has demonstrated in an irrefutable way that a prosperity created by an expansionist monetary and credit policy is illusory and must end in a slump, an economic crisis.
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The system that would stand midway between capitalism and socialism.
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