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| 50 of 400 results found for - "Ludwig von Mises" | [Quote No.32636] Need Area: Money > General
"In regard to economic policy, socialism and communism are identical." - Ludwig von Mises
Famous Austrian economist.
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| [Quote No.32664] Need Area: Money > General
"Whoever prefers life to death, happiness to suffering, well-being to misery must defend without compromise private ownership in the means of production." - Ludwig von Mises
Famous Austrian economist. Quoted in 1920.
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| [Quote No.32717] Need Area: Money > General
"Depressions and mass unemployment are not caused by the free market but by government interference in the economy [previously. For example keeping interest rates too low or other policies that encourage reckless private and business spending that drive up prices, employment and taxes beyond what the economy would sustain without continued government stimulation. Then after the inevitable crash, which the government (and politicians) primarily caused, the government will try to blame other parties and then demand and, in people's desperation, be given more power so it can intervene with debt-funded economic stimulation, which must eventually be paid for through higher taxes, as prescribed by the economist Keynes, while demanding the population thank it for intervening, when in fact citizens and the unemployed should be scolding it for its previous reckless behaviour that caused the crash.]" - Ludwig von Mises
Famous Austrian economist.
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| [Quote No.35499] Need Area: Money > General
"The boom produces impoverishment [and bust in the end, especially to those late to the party]. But still more disastrous are its moral ravages. It makes people despondent and dispirited. The more optimistic they were under the illusory prosperity of the boom, the greater is their despair and their feeling of frustration. The individual is always ready to ascribe his good luck to his own efficiency and to take it as a well-deserved reward for his talent, application, and probity. But reverses of fortune he always charges to other people, and most of all to the absurdity of social and political institutions [or groups]. He does not blame the [powers-in-charge, the government] authorities for having fostered the boom. He reviles them [or another suitable scapegoat, often identified by the government to deflect blame, for example the 'Jews' in Nazi Germany, or the 'rich, exploitative, greedy banks and short-sellers' in 2008] for the inevitable collapse. In the opinion of the public, more inflation and more credit expansion are the only remedy against the evils which inflation and credit expansion [encouraged by the government authorities for political reasons and supported by dubious economic theories, which created the boom and the consequential misallocation of funds before the bust] have brought about. [Only by teaching the general public more about sustainable free market economics can the human and economic tragedies of the boom-bust cycle be better understood and thereby mitigated. This should also enable them to better judge, support and vote for what is good for the economy in the long run rather than be deceived by the latest pleasant sounding sophistry from the power hungry and ignorant.]" - Ludwig von Mises
Famous Austrian economist. Quote from his book, 'Human Action', 1949.
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| [Quote No.35837] Need Area: Money > General
"Whether we like it or not, it is a fact that economics cannot remain an esoteric branch of knowledge accessible only to small groups of scholars and specialists. Economics deals with society’s fundamental problems; it concerns everyone and belongs to all. It is the main and proper study of every citizen." - Ludwig von Mises
Famous Austrian economist. Quote from his book, 'Human Action'.
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| [Quote No.35853] Need Area: Money > General
"There was no reason whatever to abandon the principle of free enterprise in the field of banking... 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... What is needed to prevent any further credit expansion is to place the banking business under the general rules of commercial and civil laws compelling every individual and firm to fulfill all obligations in full compliance with the terms of the contract... Imprudent granting of credit is bound to prove just as ruinous to a bank as to any other merchant." - Ludwig von Mises
[1881 – 1973], an Austrian-American economist, historian, philosopher, author, and classical liberal who had a significant influence on the modern free-market libertarian movement and the Austrian School of economics. Quoted from his book, 'Human Action', published in 1949.
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| [Quote No.35882] Need Area: Money > General
"The characteristic mark of economic history under capitalism is unceasing economic progress, a steady increase in the quantity of capital goods available, and a continuous trend toward an improvement in the general standard of living." - Ludwig von Mises
[1881 – 1973], an Austrian-American economist, historian, philosopher, author, and classical liberal who had a significant influence on the modern free-market libertarian movement and the Austrian School of economics.
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| [Quote No.35883] Need Area: Money > General
"Capitalism is essentially a system of mass production for the satisfaction of the needs of the masses. It pours a horn of plenty upon the common man. It has raised the average standard of living to a height never dreamed of in earlier ages. It has made accessible to millions of people enjoyments which a few generations ago were only within the reach of a small elite." - Ludwig von Mises
[1881 – 1973], an Austrian-American economist, historian, philosopher, author, and classical liberal who had a significant influence on the modern free-market libertarian movement and the Austrian School of economics.
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| [Quote No.35885] Need Area: Money > General
"Capitalism and socialism are two distinct patterns of social organization. Private control of the means of production and public control are contradictory notions and not merely contrary notions... Capitalism means free enterprise, sovereignty of the consumers in economic matters, and sovereignty of the voters in political matters. Socialism means full government control of every sphere of the individual's life and the unrestricted supremacy of the government in its capacity as central board of production management." - Ludwig von Mises
[1881 – 1973], an Austrian-American economist, historian, philosopher, author, and classical liberal who had a significant influence on the modern free-market libertarian movement and the Austrian School of economics.
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| [Quote No.35886] Need Area: Money > General
"For it is an essential difference between capitalist and socialist production that under capitalism men provide for themselves, while under Socialism they are provided for... The salesman thanks the customer for patronizing his shop and asks him to come again. But the socialists say: 'Be grateful to Hitler, render thanks to Stalin; be nice and submissive, then the great man will be kind to you later too.' " - Ludwig von Mises
[1881 – 1973], an Austrian-American economist, historian, philosopher, author, and classical liberal who had a significant influence on the modern free-market libertarian movement and the Austrian School of economics.
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| [Quote No.35887] Need Area: Money > General
"[Philanthropy and charity:] We may fully endorse the religious and ethical precepts that declare it to be man's duty to assist his unlucky brethren whom nature has doomed. But the recognition of this duty does not answer the question concerning what methods should be resorted to for its performance... No civilized community has callously allowed the incapacitated to perish. But the substitution of a legally enforceable claim to support or sustenance for charitable relief does not seem to agree with human nature as it is... The discretion of bureaucrats is substituted for the discretion of people whom an inner voice drives to acts of charity." - Ludwig von Mises
[1881 – 1973], an Austrian-American economist, historian, philosopher, author, and classical liberal who had a significant influence on the modern free-market libertarian movement and the Austrian School of economics.
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| [Quote No.35890] Need Area: Money > General
"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." - Ludwig von Mises
[1881 – 1973], an Austrian-American economist, historian, philosopher, author, and classical liberal who had a significant influence on the modern free-market libertarian movement and the Austrian School of economics.
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| [Quote No.35893] Need Area: Money > General
"In the feudal society, men became rich by war and conquest and through the largess of the sovereign ruler. Men became poor if they were defeated in battle or if they fell from the monarchs good graces. In the capitalistic society, men become rich directly as the producer of consumers' goods." - Ludwig von Mises
[1881 – 1973], an Austrian-American economist, historian, philosopher, author, and classical liberal who had a significant influence on the modern free-market libertarian movement and the Austrian School of economics.
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| [Quote No.35904] Need Area: Money > General
"What transformed the stagnant conditions of the good old days into the activism of capitalism was not changes in the natural sciences and in technology, but the adoption of the free enterprise principle." - Ludwig von Mises
[1881 – 1973], an Austrian-American economist, historian, philosopher, author, and classical liberal who had a significant influence on the modern free-market libertarian movement and the Austrian School of economics.
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| [Quote No.35909] Need Area: Money > General
"Credit expansion is the government's foremost tool in their struggle against the market economy. In their hands it is the magic wand designed to conjure away the scarcity of capital goods, to lower the rate of interest or to abolish it altogether, to finance lavish government spending, to expropriate the capitalists, to contrive everlasting booms, and to make everybody prosperous.... No one should expect that any logical argument or any experience could ever shake the almost religious fervor of those who believe in salvation through spending and credit expansion... Credit expansion is not a nostrum to make people happy. The boom it engenders must inevitably lead to a debacle and unhappiness... The essence of a credit-expansion boom is not overinvestment, but investment in wrong lines, i.e., malinvestment... If the credit expansion is not stopped in time, the boom turns into the crack-up boom; the flight into real values begins, and the whole monetary system founders... The final outcome of the credit expansion is general impoverishment." - Ludwig von Mises
[1881 – 1973], an Austrian-American economist, historian, philosopher, author, and classical liberal who had a significant influence on the modern free-market libertarian movement and the Austrian School of economics.
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| [Quote No.35913] Need Area: Money > General
"If one regards inflation as an evil, then one has to stop inflating. One has to balance the budget of the government... A policy of deficit spending saps the very foundation of all interpersonal relations and contracts. It frustrates all kinds of savings, social security benefits and pensions... If the practice persists of covering government deficits with the issue of notes, then the day will come without fail, sooner or later, when the monetary systems of those nations pursuing this course will break down completely. The purchasing power of the monetary unit will decline more and more, until finally it disappears completely." - Ludwig von Mises
[1881 – 1973], an Austrian-American economist, historian, philosopher, author, and classical liberal who had a significant influence on the modern free-market libertarian movement and the Austrian School of economics.
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| [Quote No.35923] Need Area: Money > General
"The endeavors to expand the quantity of money in circulation either in order to increase the government's capacity to spend or in order to bring about a temporary lowering of the rate of interest disintegrate all currency matters and derange economic calculation... What economic calculation requires is a monetary system whose functioning is not sabotaged by government interference... Economic calculation [of demand and supply, reward and risk, profit and loss] can only take place by means of money prices [price signals] established in the [free] market for production goods in a society resting on private property [and capital] in the means of production." - Ludwig von Mises
[1881 – 1973], an Austrian-American economist, historian, philosopher, author, and classical liberal who had a significant influence on the modern free-market libertarian movement and the Austrian School of economics.
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| [Quote No.35925] Need Area: Money > General
"Economic progress is the work of the savers, who accumulate capital, and of the entrepreneurs, who turn capital to new uses." - Ludwig von Mises
[1881 – 1973], an Austrian-American economist, historian, philosopher, author, and classical liberal who had a significant influence on the modern free-market libertarian movement and the Austrian School of economics.
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| [Quote No.35926] Need Area: Money > General
"Economics is not about goods and services; it is about human choice and action... Economics is not [even] specifically about business; it deals with all market phenomena and with all their aspects, not only with the activities of a businessman... [Therefore] Economics must not be relegated to classrooms and statistical offices and must not be left to esoteric circles. It is [an integral part of] the philosophy of human life and action and concerns everybody and everything. It is the pith of civilization and of man's human existence... it has provided a theory of peaceful human cooperation [and continuous improvement in human living standards]... Economics deals with society's fundamental problems; it concerns everyone and belongs to all. It is the main and proper study of every citizen... nothing can be more important to every intelligent man than economics. His own fate and that of his progeny is at stake... The body of economic knowledge is an essential element in the structure of human civilization; it is the foundation upon which modern industrialism and [nearly] all the moral, intellectual, technological, and therapeutical achievements of the last centuries have been built [and will be built in the future]." - Ludwig von Mises
[1881 – 1973], an Austrian-American economist, historian, philosopher, author, and classical liberal who had a significant influence on the modern free-market libertarian movement and the Austrian School of economics.
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| [Quote No.35927] Need Area: Money > General
"No very deep knowledge of economics [the struggle to meet infinite human needs and desires with finite resources] is usually needed for grasping the immediate effects of a measure; but the task of economics is to foretell the remoter effects [the so called ‘unintended consequences’], and so to allow us [as individuals, families, businesses and our government and political leaders] to avoid such acts as attempt to remedy a present ill by sowing the seeds of a much greater ill for the future... [Therefore] The economist [whether professional or amateur] must never be a specialist. In dealing with any problem he must always fix his glance upon the whole system... In the same way in which it is impossible for a mathematician to specialize in triangles and to neglect the study of circles, it is impossible to be an expert on wage rates without at the same time mastering the problems of profits and interest, commodity prices, and currency and banking. [To fully understand any part well, its connections within the whole must also be understood.]" - Ludwig von Mises
[1881 – 1973], an Austrian-American economist, historian, philosopher, author, and classical liberal who had a significant influence on the modern free-market libertarian movement and the Austrian School of economics.
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| [Quote No.35928] Need Area: Money > General
"Despots and democratic majorities [for example, that think nothing of going into debt and deficit for their short-term gain without regard for the long-term pain] are drunk with power. They must reluctantly admit that they are subject to the laws of nature. But they reject the very notion of economic law...economic history is a long record of government policies that failed because they were designed with a bold disregard for the laws of economics... No very deep knowledge of economics is usually needed for grasping the immediate effects of a measure; but the task of economics is to foretell the remoter effects [the unintended consequences], and so to allow us to avoid such acts as attempt to remedy a present ill by sowing the seeds of a much greater ill for the future... All those not familiar with economics (i.e., the immense majority) do not see any reason why they should not coerce other people by means of force to do what these people are not prepared to do of their own accord... The main achievement of economics is that it has provided a theory of peaceful human cooperation...
The social function of economic science consists precisely in developing sound economic theories and in exploding the fallacies of vicious reasoning. In the pursuit of this task the economist incurs the deadly enmity of all mountebanks and charlatans whose shortcuts to an earthly paradise he debunks... Rulers do not like to admit that their power is restricted by any laws other than those of physics and biology. They never ascribe their failures and frustrations to the violation of economic law." - Ludwig von Mises
[1881 – 1973], an Austrian-American economist, historian, philosopher, author, and classical liberal who had a significant influence on the modern free-market libertarian movement and the Austrian School of economics.
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| [Quote No.35946] Need Area: Money > General
"The only way to counteract tendencies toward [trade, etc] protectionism and autarky [which is a policy of national self-sufficiency and nonreliance on imports or economic aid - isolationism] is to recognize their harmfulness and to appreciate the harmony of the interests of all nations." - Ludwig von Mises
[1881 – 1973], an Austrian-American economist, historian, philosopher, author, and classical liberal who had a significant influence on the modern free-market libertarian movement and the Austrian School of economics.
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| [Quote No.35952] Need Area: Money > General
"To the grumbler who [enviously?] complains about the unfairness of the [free] market system only one piece of advice can be given: If you want to acquire wealth, then try to satisfy the public by offering them something that is cheaper or which they like better. Try to supersede Pinkapinka by mixing another beverage. Equality under the law gives you the power to challenge every millionaire. It is in a [free] market not sabotaged by government-imposed restrictions exclusively your [choice or] fault if you do not outstrip the chocolate king, the movie star and the boxing champion. [A true free market economic system is the ultimate meritocracy determined by the daily financial votes of the sovereign consumer.]" - Ludwig von Mises
[1881 – 1973], an Austrian-American economist, historian, philosopher, author, and classical liberal who had a significant influence on the modern free-market libertarian movement and the Austrian School of economics.
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| [Quote No.35990] Need Area: Money > General
"Foreign-exchange control [for example fixed or pegged exchange rate] is today primarily a device for the virtual expropriation of foreign investments. It has destroyed the international capital and money market [which are so vital for foreign development and global growth]." - Ludwig von Mises
[1881 – 1973], an Austrian-American economist, historian, philosopher, author, and classical liberal who had a significant influence on the modern free-market libertarian movement and the Austrian School of economics.
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| [Quote No.36022] Need Area: Money > General
"The gold standard [where a nation’s currency is either made of gold or backed by and convertible to a fixed quantity of gold] was the world standard of the age of capitalism, increasing welfare, liberty, and democracy, both political and economic [by forcing governments to manage their resources and budgets well]...
All those intent upon sabotaging the evolution toward [individual rather than government] welfare, peace, freedom, and democracy loathed the gold standard, and not only on account of its economic significance...
[Greedy, power hungry and financially incompetent] Governments deliberately sabotaged it, and still go on sabotaging it...
The gold standard did not collapse. Governments abolished it [and replaced it with fiat currency not made of gold or backed by and convertible to a fixed quantity of gold] in order to pave the way for inflation [to allow existing sovereign, business and private debts, interest and principal, to be paid and increased and ongoing sovereign, business and private deficit profligacy - which allowed governments to promise voters things the government couldn’t afford otherwise to win votes and power, businesses to compete unfairly with foreign domiciled companies, and families and individuals to spend beyond their means. As debt became a bigger part of discretionary spending and income managing inflation and interest rates became even more important to governments to keep the ‘deception of real growth’ alive, rather than the truth that much of the growth was from inflation of the nominal value, which was deliberately understated]...
The classical or orthodox gold standard alone is a truly effective check on the power of the government to inflate the currency [as famous economist Professor Milton Friedman once noted, ‘Inflation is always and everywhere a monetary phenomenon.’ and ‘Inflation [due to uneconomically wise government policies usually to favour a political faction] is the one form of taxation that can be imposed without [the obvious attention and accountability of] legislation.’ This is particularly bad because, as Joaquin Almunia, the European Union Monetary Affairs Commissioner noted, ‘Inflation is a socially negative tax on the poorest [who with few assets that rise with inflation, only see their purchasing power for necessities decrease.’] Without such a check all other constitutional safeguards [all of which are built on the concept of the inalienable right to private property, including life, liberty and the pursuit of happiness, which inflation silently confiscates] can be rendered vain...
The superiority of the gold standard consists in the fact that the value of gold develops independent of political actions... [and] alone makes the determination of money's purchasing power independent of the ambitions and machinations of governments, of dictators, of political parties, and of pressure groups... it renders the determination of the monetary units purchasing power independent of the policies of governments and political parties...
The gold standard has one tremendous virtue: the quantity of the money supply, under the gold standard, is independent of the policies of governments and political parties. This is its advantage. It is a form of protection against [corrupt, economically incompetent] spendthrift governments...
The return to gold does not depend on the fulfilment of some material condition. It is an ideological problem. It presupposes only one thing: the abandonment of the illusion that increasing the quantity of money creates prosperity...
Every nation, whether rich or poor, powerful or feeble, can at any hour once again adopt the gold standard.
If we had gold coins in actual daily circulation everywhere in the world . . . the depreciation of gold would . . . not have taken place at all.
Under the gold standard gold is money and money is gold. It is immaterial whether or not the laws assign legal tender quality only to gold coins minted by the government." - Ludwig von Mises
[1881 – 1973], an Austrian-American economist, historian, philosopher, author, and classical liberal who had a significant influence on the modern free-market libertarian movement and the Austrian School of economics.
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| [Quote No.40960] Need Area: Money > General
"Inflationism, however, is not an isolated phenomenon. It is only one piece in the total framework of politico-economic and socio-philosophical ideas of our time. Just as the sound money policy of gold standard advocates went hand in hand with liberalism, free trade, capitalism and peace, so is inflationism part and parcel of imperialism, militarism, protectionism, statism and socialism." - Ludwig von Mises
[1881 – 1973], an Austrian-American economist, historian, philosopher, author, and classical liberal who had a significant influence on the modern free-market libertarian movement and the Austrian School of economics. Refer the website [ mises.org ].
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| [Quote No.40961] Need Area: Money > General
"The advocates of [big government] public control cannot do without inflation. They need it in order to finance their policy of reckless spending and of lavishly subsidizing and bribing the voters." - Ludwig von Mises
[1881 – 1973], an Austrian-American economist, historian, philosopher, author, and classical liberal who had a significant influence on the modern free-market libertarian movement and the Austrian School of economics. Refer the website [ mises.org ].
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| [Quote No.40965] Need Area: Money > General
"If one rejects laissez faire [free market economies] on account of man’s fallibility and moral weakness, one must for the same reason also reject [government planned economies and] every kind of government action." - Ludwig von Mises
[1881 – 1973], an Austrian-American economist, historian, philosopher, author, and classical liberal who had a significant influence on the modern free-market libertarian movement and the Austrian School of economics. Refer the website [ mises.org ].
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| [Quote No.40999] Need Area: Money > General
"The riches of the rich are not the cause of the poverty of anybody; the process that makes some people rich is, on the contrary, the corollary of the process that improves many peoples want satisfaction. The entrepreneurs, the capitalists and the technologists prosper as far as they succeed in best supplying the consumers." - Ludwig von Mises
[1881 – 1973], an Austrian-American economist, historian, philosopher, author, and classical liberal who had a significant influence on the modern free-market libertarian movement and the Austrian School of economics. Refer the website [ mises.org ].
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| [Quote No.41000] Need Area: Money > General
"Under an unhampered [free] market economy the appraisal of each individual’s effort is detached from any personal considerations and can therefore be free both from bias and dislike. The market passes judgment on the products, not on the producers." - Ludwig von Mises
[1881 – 1973], an Austrian-American economist, historian, philosopher, author, and classical liberal who had a significant influence on the modern free-market libertarian movement and the Austrian School of economics. Refer the website [ mises.org ].
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| [Quote No.41037] Need Area: Money > General
"It was writers of this class [Romanticism] who introduced as literary figures the bloodsucking capitalist entrepreneur and the noble proletarian. To them the rich man is in the wrong because he is rich, and the poor in the right because he is poor [which is just as prejudiced, discriminatory, foolish and unjustified as racism and sexism]." - Ludwig von Mises
[1881 – 1973], an Austrian-American economist, historian, philosopher, author, and classical liberal who had a significant influence on the modern free-market libertarian movement and the Austrian School of economics. Refer the website [ mises.org ].
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| [Quote No.41061] Need Area: Money > General
"It is impossible to grasp the meaning of the idea of sound money if one does not realize that it was devised as an instrument for the protection of civil liberties against despotic inroads on the part of governments [that without it would print money to inflate away their debts. This would diminish the savings of the poor through depreciating the purchasing power of their money and so reduce their right to freedom, self-empowerment and affordable choices through increasing their wealth]. Ideologically it belongs in the same class with political constitutions and bills of rights." - Ludwig von Mises
[1881 – 1973], an Austrian-American economist, historian, philosopher, author, and classical liberal who had a significant influence on the modern free-market libertarian movement and the Austrian School of economics. Quote from his book, ‘The Theory of Money and Credit’. Refer the website [ mises.org ].
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| [Quote No.41101] Need Area: Money > General
"In the long run war [government force] and the preservation of the market economy [individual free choice] are incompatible. Capitalism [with all its benefits] is essentially a scheme for peaceful [freedom-loving] nations." - Ludwig von Mises
[1881 – 1973], an Austrian-American economist, historian, philosopher, author, and classical liberal who had a significant influence on the modern free-market libertarian movement and the Austrian School of economics. Refer the website [ mises.org ].
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| [Quote No.41110] Need Area: Money > General
"The essence of so-called war prosperity; it enriches some by what it takes from others. It is not rising wealth but a shifting of wealth and income... War prosperity is like the prosperity that an earthquake or a plague brings. The earthquake means good business for construction workers, and cholera improves the business of physicians, pharmacists, and undertakers; but no one has for that reason yet sought to celebrate earthquakes and cholera as stimulators of the productive forces in the general interest." - Ludwig von Mises
[1881 – 1973], an Austrian-American economist, historian, philosopher, author, and classical liberal who had a significant influence on the modern free-market libertarian movement and the Austrian School of economics. Refer the website [ mises.org ].
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| [Quote No.41125] Need Area: Money > General
"The [big, paternalistic government] Welfare State with its methods of easy money [loose monetary policy - low interest rates], credit expansion [fiscal and trade deficits - government borrowing and money printing] and undisguised inflation [including financial repression where interest rates are kept below the real cost of living increases] continually takes bites out of all claims [including interest and welfare payments] payable in units of the nation’s legal tender [devaluation of the purchasing power of the currency]. " - Ludwig von Mises
[1881 – 1973], an Austrian-American economist, historian, philosopher, author, and classical liberal who had a significant influence on the modern free-market libertarian movement and the Austrian School of economics. Refer the website [ mises.org ].
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| [Quote No.42728] Need Area: Money > General
"The market economy is the social system of the division of labor under private ownership of the means of production. Everybody acts on his own behalf; but everybody’s actions aim at the satisfaction of other people's needs as well as at the satisfaction of his own. Everybody in acting serves his fellow citizens. Everybody, on the other hand, is served by his fellow citizens. Everybody is both a means and an end in himself; an ultimate end for himself and a means to other people in their endeavors to attain their own needs." - Ludwig von Mises
Quote from his book, 'Human Action' [1949].
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| [Quote No.43702] Need Area: Money > General
"The [free] market economy is the social system of the division of labor under private ownership of the means of production. Everybody acts on his own behalf; but everybody’s actions aim at the satisfaction of other people's needs as well as at the satisfaction of his own. Everybody in acting serves his fellow citizens. Everybody, on the other hand, is served by his fellow citizens. Everybody is both a means and an end in himself; an ultimate end for himself and a means to other people in their endeavors to attain their own needs." - Ludwig von Mises
Austrian economist. Quote from his book, 'Human Action', 1949.
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| [Quote No.44816] Need Area: Money > General
"It is impossible to grasp the meaning of the idea of sound money [as opposed to fiat currency] if one does not realize that it was devised as an instrument for the protection of civil liberties against despotic inroads on the part of governments. Ideologically, it belongs in the same class with political constitutions and bills of rights." - Ludwig von Mises
Austrian economist. Quote from his classic book 'The Theory of Money and Credit', 1912.
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| [Quote No.44817] Need Area: Money > General
"The gold standard did not collapse. Governments abolished it in order to pave the way for [the hidden tax of] inflation. " - Ludwig von Mises
Austrian economist. Quote from his classic book 'The Theory of Money and Credit', 1912.
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| [Quote No.45451] Need Area: Money > General
"It is impossible to grasp the meaning of the idea of sound money [not fiat money] if one does not realize that it was devised as an instrument for the protection of civil liberties against despotic inroads [printing money to increase inflation which is just a hidden tax hitting the poor the hardest] on the part of governments. Ideologically, it belongs in the same class with political constitutions and bills of rights." - Ludwig von Mises
Austrian economist. Quote from his book, 'The Theory of Money and Credit', (1912).
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| [Quote No.50666] Need Area: Money > General
"Inflationism, however, is not an isolated phenomenon. It is only one piece in the total framework of politico-economic and socio-philosophical ideas of our time. Just as the sound money policy of gold standard advocates went hand in hand with liberalism, free trade, capitalism [savings] and peace, so is inflationism part and parcel of imperialism, militarism, protectionism, statism and socialism [and debt]." - Ludwig von Mises
Austrian economist
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| [Quote No.35846] Need Area: Work > Customers
"[Mises developed the theory of the 'sovereignty of the consumer' in a free-market economy; in his view, the consumer ultimately dictates everything that happens. This argument was set out in his book, 'Human Action':]
The captain is the consumer...the consumers determine precisely what should be produced, in what quality, and in what quantities...They are merciless egoistic bosses, full of whims and fancies, changeable and unpredictable. For them nothing counts other than their own satisfaction...In their capacity as buyers and consumers they are hard-hearted and callous, without consideration for other people [in particular the capitalists that try to serve them]...Capitalists...can only preserve and increase their wealth by filling best the orders of the consumers..." - Ludwig von Mises
[1881 – 1973], an Austrian-American economist, historian, philosopher, author, and classical liberal who had a significant influence on the modern free-market libertarian movement and the Austrian School of economics.
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| [Quote No.35854] Need Area: Work > Customers
"[In a true, free market...] business depends entirely on the patronage of those who buy its products [and]... loses its power and its influence when it loses its customers." - Ludwig von Mises
[1881 – 1973], an Austrian-American economist, historian, philosopher, author, and classical liberal who had a significant influence on the modern free-market libertarian movement and the Austrian School of economics.
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| [Quote No.35855] Need Area: Work > Customers
"It is not the Hollywood film corporation that pays the wages of a movie star; it is the [consumers] people who pay admission to the movies. And it is not the entrepreneurs of a boxing match who pay the enormous demands of the prize fighters; it is the [consumers] people who pay admission to the fight." - Ludwig von Mises
[1881 – 1973], an Austrian-American economist, historian, philosopher, author, and classical liberal who had a significant influence on the modern free-market libertarian movement and the Austrian School of economics.
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| [Quote No.35884] Need Area: Work > Customers
"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... The capitalistic social order, therefore, is an economic democracy in the strictest sense of the word. In the last analysis, all decisions are dependent on the will of the people as consumers. Thus, whenever there is a conflict between the consumers views and those of the business managers, market pressures assure that the views of the consumers win out eventually... The capitalist system of production is an economic democracy in which every penny gives a right to vote. The consumers are the sovereign people. The capitalists, the entrepreneurs, and the farmers are the people's mandatories... The market economy/capitalism is a social system of consumers' supremacy." - Ludwig von Mises
[1881 – 1973], an Austrian-American economist, historian, philosopher, author, and classical liberal who had a significant influence on the modern free-market libertarian movement and the Austrian School of economics.
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| [Quote No.35901] Need Area: Work > Customers
"Competition takes place among producers and sellers not only within each individual branch of production, but also between all related goods, and in the final analysis, between all economic goods... The sharper the competition, the better it serves its social function to improve economic production [and fulfill the needs and desires of the sovereign consumers]." - Ludwig von Mises
[1881 – 1973], an Austrian-American economist, historian, philosopher, author, and classical liberal who had a significant influence on the modern free-market libertarian movement and the Austrian School of economics.
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| [Quote No.35903] Need Area: Work > Customers
"The real bosses, in the capitalist system of market economy, are the consumers." - Ludwig von Mises
[1881 – 1973], an Austrian-American economist, historian, philosopher, author, and classical liberal who had a significant influence on the modern free-market libertarian movement and the Austrian School of economics.
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| [Quote No.35905] Need Area: Work > Customers
"The consumers are merciless. They never buy in order to benefit a less efficient producer and to protect him against the consequences of his failure to manage better. They want to be served as well as possible. And the working of the capitalist system forces the entrepreneur to obey the orders issued by the consumers... who have the power to make poor suppliers rich and rich suppliers poor." - Ludwig von Mises
[1881 – 1973], an Austrian-American economist, historian, philosopher, author, and classical liberal who had a significant influence on the modern free-market libertarian movement and the Austrian School of economics.
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| [Quote No.35991] Need Area: Work > Customers
"The market is a democracy in which every penny gives a right to vote [as a consumer rather than as a citizen]." - Ludwig von Mises
[1881 – 1973], an Austrian-American economist, historian, philosopher, author, and classical liberal who had a significant influence on the modern free-market libertarian movement and the Austrian School of economics.
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| [Quote No.36116] Need Area: Work > Customers
"The capitalist system of production is an economic democracy in which every penny gives a right to vote. The consumers are the sovereign people. The capitalists, the entrepreneurs, and the farmers are the people's mandatories!" - Ludwig von Mises
(1881 - 1973), economist and author, noted for advocating individual liberty and the free market.
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