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Ludwig von Mises Quotes
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Ludwig von Mises Quote: “Under certain conditions, index numbers may do very useful service as an aid to investigation into the history and statistics of prices; for the extension of the theory of the nature and value of money they are unfortunately not very important.”
Ludwig von Mises Quote: “The whole of mankind’s progress has had to be achieved against the resistance and opposition of the state and its power of coercion.”
Ludwig von Mises Quote: “The desire for an increase of wealth can be satisfied through exchange, which is the only method possible in a capitalist economy, or by violence and petition as in a militarist society, where the strong acquire by force, the weak by petitioning.”
Ludwig von Mises Quote: “It is the consumers who make poor people rich and rich people poor.”
Ludwig von Mises Quote: “The nationalist, too, affirms Socialism, and objects only to its Internationalism. He wishes to combine Socialism with the ideas of Imperialism and the struggle against foreign nations. He is a national, not an international socialist; but he, also, approves of the essential principles of Socialism.”
Ludwig von Mises Quote: “What is lacking to the underdeveloped nations is not knowledge, but capital.”
Ludwig von Mises Quote: “Is still fulfilling its social function in supplying the consumers with more, better and cheaper goods.”
Ludwig von Mises Quote: “Capitalism has succeeded in raising the material well-being of the masses in an unprecedented way. In the capitalist countries population figures are now several times higher than they were at the eve of the “industrial revolution,” and every citizen of these nations enjoys a standard of living much higher than that of the well-to-do of earlier ages.”
Ludwig von Mises Quote: “It is the beginning of the ‘demonetization’ of the notes. The process is hastened by its panic-like character. It may be possible once, twice, perhaps even three or four times, to allay the fears of the public; but eventually the affair must run its course and then there is no longer any going back. Once the depreciation is proceeding so rapidly that sellers have to reckon with considerable losses even if they buy again as quickly as is possible, then the position of the currency is hopeless.”
Ludwig von Mises Quote: “Only very few men have the gift of thinking new and original ideas and of changing the traditional body of creeds and doctrines.”
Ludwig von Mises Quote: “To seek to organize society is just as crazy as it would be to tear a living plant to bits in order to make a new one out of the dead parts.”
Ludwig von Mises Quote: “For hundreds, even thousands, of years, people completely failed to see that variations in the objective exchange-value of money could be induced by monetary factors. They tried to explain all variations of prices exclusively from the commodity side.”
Ludwig von Mises Quote: “Depreciation of money can benefit debtors only when it is unforeseen. If inflationary measures and a reduction of the value of money are expected, then those who lend money will demand higher interest in order to compensate their probable loss of capital, and those who seek loans will be prepared to pay the higher interest because they have a prospect of gaining on capital account.”
Ludwig von Mises Quote: “They did not suffer shipwreck because the entrepreneurs were not public-spirited, as the socialist-etatistic legend has it. They were bound to fail because the economic organization based upon division of labour and private property in the means of production can function only so long as price-determination in the market is free.”
Ludwig von Mises Quote: “In a capitalist society one can hold on to one’s fortune only if one perpetually acquires it anew by investing it wisely.”
Ludwig von Mises Quote: “Nevertheless statesmen are still greatly exercised by the problem of the international distribution of money. For hundreds of years, the Midas Theory, systematized by Mercantilism, has been the rule followed by governments in taking measures of commercial policy. In spite of Hume, Smith, and Ricardo, it still dominates men’s minds more than would be expected. Phoenix-like, it rises again and again from its own ashes.”
Ludwig von Mises Quote: “The valuations which result in determination of definite prices are different. Each party attaches a higher value to the good he receives than to that he gives away. The exchange ratio, the price, is not the product of equality of valuation, but on the contrary, the product of a discrepancy in valuation.”
Ludwig von Mises Quote: “The oldest and most popular instrument of etatistic monetary policy is the official fixing of maximum prices. High prices, thinks the etatist, are not a consequence of an increase in the quantity of money, but a consequence of reprehensible activity on the part of ‘bulls’ and ‘profiteers’; it will suffice to suppress their machinations in order to ensure the cessation of the rise of prices. Thus it is made a punishable offence to demand, or even to pay, ‘excessive’ prices.”
Ludwig von Mises Quote: “By ‘the objective exchange-value of money’ we are accordingly to understand the possibility of obtaining a certain quantity of other economic goods in exchange for a given quantity of money; and by ‘the price of money’ this actual quantity of other goods.”
Ludwig von Mises Quote: “But even a victory of planning will not mean the end of history. Atrocious wars among the candidates for the supreme office will break out. Totalitarianism may wipe out civilization, even the whole of the human race. Then, of course, history will have come to its end too.”
Ludwig von Mises Quote: “The moneyprice of any commodity in any place, under the assumption of completely unrestricted exchange and disregarding the differences arising from the time taken in transit, must be the same as the price at any other place, augmented or diminished by the money-cost of transport.”
Ludwig von Mises Quote: “What is thus improperly regarded as profit, instead of as part of capital, is consumed by the entrepreneur or passed on either to the consumer in the form of price-reductions that would not otherwise have been made or to the labourer in the form of higher wages, and the government proceeds to tax it as income or profits. In any case, consumption of capital results from the fact that monetary depreciation falsifies capital accounting.”
Ludwig von Mises Quote: “The collapse of an inflation policy carried to its extreme – as in the United States in 1781 and in France in 1796 – does not destroy the monetary system, but only the credit money or fiat money of the State that has overestimated the effectiveness of its own policy. The collapse emancipates commerce from etatism and establishes metallic money again.”
Ludwig von Mises Quote: “One must rather ask how much could be produced if competition among producers were abolished.”
Ludwig von Mises Quote: “The central element in the economic problem of money is the objective exchange-value of money, popularly called its purchasing power.”
Ludwig von Mises Quote: “A third group of inflationists do not deny that inflation involves serious disadvantages. Nevertheless, they think that there are higher and more important aims of economic policy than a sound monetary system. They hold that although inflation may be a great evil, yet it is not the greatest evil, and that the State might under certain circumstances find itself in a position where it would do well to oppose greater evils with the lesser evil of inflation.”
Ludwig von Mises Quote: “Rhetorical bombast, music and song resound, banners wave, flowers and colors serve as symbols, and the leaders seek to attach their followers to their own person. Liberalism has nothing to do with all this. It has no party flower and no party color, no party song and no party idols, no symbols and no slogans. It has the substance and the arguments. These must lead it to victory.”
Ludwig von Mises Quote: “It is in the nature of every application of violence that it tends toward a transgression of the limit within which it is tolerated and viewed as legitimate.”
Ludwig von Mises Quote: “Human actions consist always in a choice between two goods or two evils which are not deemed equivalent. Where there is perfect equivalence, man stays neutral; and no action results. But what is good and what is better, or what is bad and what is worse, is decided according to subjective standards, different with different individuals, and changing with the same individuals according to circumstances. As.”
Ludwig von Mises Quote: “When the price of coal falls because production has increased while demand has remained unaltered, then, for example, those retailers are involved who have taken supplies from the wholesale dealers at the old higher price but are now able to dispose of them only at the new and lower price. But this alone will not account for all the social changes brought about by the increase of production of coal. The increase in the supply of coal will have improved the economic position of the community.”
Ludwig von Mises Quote: “What ranks above all else for economic and political reconstruction is a radical change of ideologies. Economic prosperity is not so much a material problem; it is, first of all, an intellectual, spiritual, and moral problem.”
Ludwig von Mises Quote: “The aim was to regulate the value of money by increasing or diminishing the quantity of it. The effects of these measures appeared to provide an inductive proof of the correctness of this superficial version of the Quantity Theory, and incidentally concealed the weaknesses of its logic.”
Ludwig von Mises Quote: “However, all the methods of interventionism are doomed to failure. This means: the interventionist measures must needs result in conditions which from the point of view of their own advocates are more unsatisfactory than the previous state of affairs they were designed to alter. These policies are therefore contrary to purpose.”
Ludwig von Mises Quote: “No better is the propensity, very popular nowadays, to brand supporters of other ideologies as lunatics. Psychiatrists.”
Ludwig von Mises Quote: “That the social life of human beings is subject to definite limitations; that it is governed by a set of laws that are comparable with those of Nature; these are notions that are unknown to the etatist. For the etatist, everything is a question of Macht – power, force, might. And his conception of Macht is crudely materialistic.”
Ludwig von Mises Quote: “Human thoughts about things of which neither pure reasoning nor experience provides any knowledge may differ so radically that no agreement can be reached.”
Ludwig von Mises Quote: “Naive inflationism demands an increase in the quantity of money without suspecting that this will diminish the purchasing power of the money.”
Ludwig von Mises Quote: “The State does not govern the market; in the market in which products are exchanged it may quite possibly be a powerful party, but nevertheless it is only one party of many, nothing more than that. All its attempts to transform the exchange-ratios between economic goods that are determined in the market can only be undertaken with the instruments of the market.”
Ludwig von Mises Quote: “Stable government requires the free consent of those ruled. Tyranny, even the tyranny of benevolent despots, cannot bring lasting peace and prosperity. There.”
Ludwig von Mises Quote: “No individual and no nation need fear at any time to have less money than it needs. Government measures designed to regulate the international movement of money in order to ensure that the community shall have the amount it needs, are just as unnecessary and inappropriate as, say, intervention to ensure a sufficiency or corn or iron or the like. This argument dealt the Mercantilist Theory its death-blow.”
Ludwig von Mises Quote: “The social displacements that occur as consequences of variations in the value of money result solely from the circumstance that this assumption never holds good. In the chapter dealing with the determinants of the objective exchange-value of money it was shown that variations in the value of money always start from a given point and gradually spread out from this point through the whole community.”
Ludwig von Mises Quote: “People without rights are always a menace to social order. Their common interest in removing such barriers unites them; they are prepared to resort to violence because by peaceable means they are unable to get what they want. Social peace is attained only when one allows all members of society to participate in democratic institutions. And this means equality of All before the Law.”
Ludwig von Mises Quote: “It is not easy to determine whether there are any who still adhere in good faith to the doctrine that traces back the depreciation of money to the activity of speculators. The doctrine is an indispensable instrument of the lowest form of demagogy; it is the resource of governments in search of a scapegoat. There are scarcely any independent writers nowadays who defend it; those who support it are paid to do so.”
Ludwig von Mises Quote: “In a society of free men the preservation of life and health are ends, not means. They do not enter into any process of accounting means.”
Ludwig von Mises Quote: “The jurist is totally unacquainted with the problem of the value of money; he knows nothing of fluctuations in its exchange-value. The naive popular belief in the stability of the value of money has been admitted, with all its obscurity, into the law, and no great historical cause of large and sudden variations in the value of money has ever provided.”
Ludwig von Mises Quote: “Those fighting for free enterprise and free competition do not defend the interests of those rich today. They want a free hand left to unknown men who will be the entrepreneurs of tomorrow and whose ingenuity will make the life of coming generations more agreeable. They want the way left open to further economic improvements. They are the spokesmen of progress.”
Ludwig von Mises Quote: “Other inflationists realize very well that an increase in the quantity of money reduces the purchasing power of the monetary unit. But they endeavour to secure inflation none-the-less, because of its effect on the value of money; they want depreciation, because they want to favour debtors at the expense of creditors and because they want to encourage exportation and make importation difficult.”
Ludwig von Mises Quote: “Etatism, as a theory, is the doctrine of the omnipotence of the State, and, as a policy, the attempt to regulate all mundane affairs by authoritative commandment and prohibition. The ideal society of etatism is a particular sort of socialistic community; it is usual in discussions involving this ideal society to speak of State Socialism, or, in some connexions, of Christian Socialism.”
Ludwig von Mises Quote: “Professor Harold Laski declared that the attainment of power by the British Labour Party in the normal parliamentary fashion must result in a radical transformation of parliamentary government. A socialist administration needs ‘guarantees’ that its work of transformation would not be ‘disrupted’ by repeal in event of its defeat at the polls. Therefore the suspension of the Constitution is ‘inevitable’.”
Ludwig von Mises Quote: “Doctrines which can stand the trial of logic and reason can do without persecuting skeptics. This.”
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