Ludwig von Mises
Ludwig von Mises was an Austrian economist and a leading figure in the Austrian School of economic thought. Born in 1881, he made significant contributions to the development of praxeology, the study of human action. Mises is renowned for his works on economic theory, including "Human Action" and "The Theory of Money and Credit," which have profoundly influenced libertarian and classical liberal movements worldwide. His work continues to shape economic discourse today.
Book summaries for books written by Ludwig von Mises
Quotes
In the long run, economic policies that aim at redistributing wealth instead of creating it will end in socialism.
Government intervention does not eliminate the inequality of wealth and incomes; it makes them worse.
The real objection to central planning is not that it is inefficient but that it is incompatible with personal freedom and democracy.
Planning must be done by the people for whom the plans are designed and who are to carry them out.
Planning presupposes the existence of goals and the choice of means for their attainment.
The market is not an invention of capitalism; it is an invention of civilization.
The idea that political freedom can be preserved in the absence of economic freedom, and vice versa, is an illusion.
The market economy is the social system of the division of labor under private ownership of the means of production.
The only way to raise wage rates permanently for all those eager to earn wages is to raise the productivity of labor by increasing the per-head quota of capital invested.
Economic calculation is the guiding star of action under the division of labor.
The recurrence of periods of depression and mass unemployment is not a characteristic mark of the market economy, but the necessary outcome of measures adopted to prevent the market's smooth functioning.
All varieties of interference with the market phenomena not only fail to achieve the ends aimed at by their authors and supporters, but bring about a state of affairs which - from the point of view of their authors' and advocates' valuations - is less desirable than the previous state of affairs.