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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.
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
Demand
Vanishes
Equal
Heirs
Cases
Inherited
Wealth
Rapidly
Makes
Demands
Life
Entrepreneur
Generally
Case
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Daily experience proves clearly to everybody but the most bigoted fanatics of socialism that governmental management is inefficient and wasteful.
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Public opinion always wants easy money, that is, low interest rates.
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It is extremely difficult for our contemporaries to conceive of the conditions of free banking because they take government interference with banking for granted and as necessary.
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Experience shows that nothing is operated with less economy and with more waste of labor and material of every kind than public services and undertakings. Private enterprise on the other hand naturally induces the owner to work with the greatest economy in his own interest.
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Thoughts and ideas are not phantoms. They are real things. Although intangible and immaterial, they are factors in bringing about changes in the realm of tangible and material things.
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It is inherent in the nature of the capitalistic economy that, in the final analysis, the employment of the factors of production is aimed only toward serving the wishes of consumers.
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The methods of the natural sciences cannot be applied to human behavior because this behaviorlacks the peculiarity that characterizes events in the field of the natural sciences, viz., regularity.
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True, governments can reduce the rate of interest in the short run. They can issue additional paper money. They can open the way to credit expansion by the banks. They can thus create an artificial boom and the appearance of prosperity. But such a boom is bound to collapse soon or late and to bring about a depression.
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War prosperity is like the prosperity that an earthquake or a plague brings...but no one has for those reasons yet sought to celebrate earthquakes and cholera as stimulators of the productive forces in the general interest.
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The first socialists were the intellectuals they, and not the masses, are the backbone of Socialism.
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Socialism is the renunciation of rational economy.
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There is no kind of freedom and liberty other than the kind which the market economy brings about.
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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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Scientific criticism has no nobler task than to shatter false beliefs.
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The gold standard makes the money's purchasing power independent of the changing, ambitions and doctrines of political parties and pressure groups. This is not a defect of the gold standard it is its main excellence.
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There is simply no other choice than this: either to abstain from interference in the free play of the market, or to delegate the entire management of production and distribution to the government. Either capitalism or socialism: there exists no middle way.
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