Ludwig von Mises
Ludwig von Mises
Ludwig Heinrich Edler von Miseswas a theoretical Austrian School economist. He is best known for his work on praxeology, a study of human choice and action. Mises emigrated from Austria to the United States in 1940. Mises's writings have exerted significant influence on the libertarian movement in the United States since the mid-20th century...
NationalityAustrian
ProfessionEconomist
Date of Birth29 September 1881
CountryAustria
philosophy progressive-taxation class
The philosophy underlying the system of progressive taxation is that the income and wealth of the well-to-do classes can be freely tapped. What the advocates of these tax rates fail to realize is that the greater part of the incomes taxed away would not have been consumed but saved and invested.
mean liberty finals
There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.
war fighting wish
Whoever wishes peace among peoples must fight statism.
order entrepreneur benefits
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.
running attitude real
The real bosses in the capitalist system of market economy are the consumers. They by their buying and by their abstention from buying decide who should own the capital and run the plants. They determine what should be produced and in what quantity and quality. Their attitudes result either in profit or in loss for the enterpriser. They make poor men rich and rich men poor. They are no easy bosses.
taken dark would-be
Without calculation, economic activity is impossible. Since under Socialism economic calculation is impossible, under Socialism there can be no economic activity in our sense of the word All economic change, therefore, would involve operations the value of which could neither be predicted beforehand nor ascertained after they had taken place. Everything would be a leap in the dark. Socialism is the renunciation of rational economy.
men two intellectual
The flowering of human society depends on two factors: the intellectual power of outstanding men to conceive sound social and economic theories, and the ability of these or other men to make these ideologies palatable to the majority.
loss ideas decision
Capital does not 'beget profit' as Marx thought. The capital goods as such are dead things that in themselves do not accomplish anything. If they are utilized according to a good idea, profit results. If they are utilized according to a mistaken idea, no profit or losses result. It is the entrepreneurial decision that creates either profit or loss.
liberty agree ifs
Liberty is meaningless if it is only the liberty to agree with those in power.
peace war want
Whoever wants peace among nations must seek to limit the state and its influence most strictly.
ideas numbers government
Only to bureaucrats can the idea occur that establishing new offices, promulgating new decrees, and increasing the number of government employees alone can be described as positive and beneficial measures.
buying tasks individual
To assign to everybody his proper place in society is the task of the consumers. Their buying and abstention from buying is instrumental in determining each individual's social position.
people entrepreneur done
The entrepreneur profits to the extent he has succeeded in serving the consumers better than other people have done.
law fundamentals customers
The fundamental law of the market is: the customer is always right.