Mises Quotes & Sayings

If you give the government the right to determine the consumption of the human body, to determine whether one should smoke or not smoke, drink or not drink, there is no good reply you can give to people who say, More important than the body is the mind and the soul, and man hurts himself much more by reading bad books, by listening to bad music and looking at bad movies. Therefore it is the duty of the government to prevent people from committing those faults. And, as you know, for many hundreds of years governments and authorities velieved that it was their duty. — Ludwig Von Mises

Capitalism has improved the standard of living of the wage earners to an unprecedented extent. The average American family enjoys today amenities of which, only a hundred years ago, not even the richest nabobs dreamed. — Ludwig Von Mises

Government is the only institution that can take a valuable commodity like paper, and make it worthless by applying ink. — Ludwig Von Mises

It is true that the speculator may happen to go astray in his estimate of future prices. What is usually overlooked in considering this possibility is that under the given conditions it is far beyond the capacities of most people to foresee the future any more correctly. If this were not so, the opposing group of buyers or sellers would have got the upper hand in the market. The fact that the opinion accepted by the market has later proved to be false is lamented by nobody with more genuine sorrow than by the speculators who held it. They do not err of malice prepense; after all, their object is to make profits, not losses. — Ludwig Von Mises

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

Fortunes cannot grow; someone has to increase them. — Ludwig Von Mises

Economic prosperity is not so much a material problem; it is, first of all, an intellectual, spiritual, and moral problem. — Ludwig Von Mises

Restrictionistic ideas have never met with any measure of popular sympathy except after a time of monetary depreciation when it has been necessary to decide what should take the place of the abandoned inflationary policy. — Ludwig Von Mises

Fiat-money! Let the State 'create' money, and make the poor rich, and free them from the bonds of the capitalists! How foolish to forego the opportunity of making everybody rich, and consequently happy, that the State's right to create money gives it! How wrong to forego it simply because this would run counter to the interests of the rich! How wicked of the economists to assert that it is not within the power of the State to create wealth by means of the printing press!- You statesmen want to build railways, and complain of the low state of the exchequer? Well, then, do not beg loans from the capitalists and anxiously calculate whether your railways will bring in enough to enable you to pay interest and amortization on your debt. Create money, and help yourselves. — Ludwig Von Mises

The interventionists do not approach the study of economic matters with scientific disinterestedness. Most of them are driven by an envious resentment against those whose incomes are larger than their own. This bias makes it impossible for them to see things as they really are. For them the main thing is not to improve the conditions of the masses, but to harm the entrepreneurs and capitalists even if this policy victimizes the immense majority of the people. — Ludwig Von Mises

Most conservatives know better than to promote the state funding of art. The result of such funding is the mess that modern art has become. Atonal music is to music what subsidized art is to art ... The fact that cacophony has reigned almost supreme since 1900 is a testimony to Mises' original observation. Atonal music is to music what socialism is to economics: planned chaos. — Gary North

The struggle for freedom is ultimately not resistance to autocrats or oligarchs but resistance to the despotism of public opinion. — Ludwig Von Mises

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

What can prevent the coming of totalitarian socialism is only a thorough change in ideologies. What we need is an open positive endorsement of that system to which we owe all the wealth that distinguished our age from the conditions of ages gone by. — Ludwig Von Mises

The tricks and artifices of advertising are available to the seller of the better product no less than to the seller of the poorer product. But only the former enjoys the advantage derived from the better quality of his product. — Ludwig Von Mises

In reality no food is valued solely for its nutritive power and no garment or house solely for the protection it affords against cold weather and rain ... the demand for goods is widely influenced by metaphysical, religious, and ethical considerations, by aesthetic value judgments, by customs, habits, prejudice, tradition, changing fashions, and many other things. — Ludwig Von Mises

If you increase the quantity of money, you bring about the lowering of the purchasing power of the monetary unit. — Ludwig Von Mises

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

Scientific criticism has no nobler task than to shatter false beliefs. — Ludwig Von Mises

Man is born an asocial and antisocial being. The newborn child is a savage. Egoism is his nature. Only the experience of life and the teachings of his parents, his brothers, sisters, playmates, and later of other people FORCE HIM to acknowledge the advantages of social cooperation and accordingly to change his behavior. — Ludwig Von Mises

The thesis of etatism that the members of the government and its assistants are more intelligent than the people, and that they know better what is good for the individual than he himself knows, is pure nonsense. — Ludwig Von Mises

Socialism is not in the least what it pretends to be. It is not the pioneer of a better and finer world, but the spoiler of what thousands of years of civilization have created. It does not build, it destroys. For destruction is the essence of it. It produces nothing, it only consumes what the social order based on private ownership in the means of production has created. — Ludwig Von Mises

Inflation is essentially antidemocratic. — Ludwig Von Mises

Hence, the statement that the cost of living is different in different localities only means that the same individual cannot secure the same degree of satisfaction from the same stock of goods in different places. — Ludwig Von Mises

As soon as the economic freedom which the market economy grants to its members is removed, all political liberties and bills of rights become humbug. — Ludwig Von Mises

All people, entrepreneurs as well as non-entrepreneurs, look askance upon any profits earned by other people. Envy is a common weakness of men. People are loath to acknowledge the fact that they themselves could have earned profits if they had displayed the same foresight and judgment the successful businessman did. — Ludwig Von Mises

The development of capitalism consists in everyone having the right to serve the consumer better or more cheaply. — Ludwig Von Mises

If it is unnecessary to adjust the amount of expenditure to the means available, there is no limit to the spending of the great god State. — Ludwig Von Mises

Within the market society each serves all his fellow citizens and each is served by them. It is a system of mutual exchange of services and commodities, a mutual giving, and receiving. — Ludwig Von Mises

Sovereignty must not be used for inflicting harm on anyone, whether citizen or foreigner. — Ludwig Von Mises

This was the argument put forward during the War when the expenditure on the army and navy had to be met; and this was the argument put forward in Germany and Austria after the War when a part of the population had to be provided with cheap food, the losses on the operation of the railways and other public undertakings met, and reparations payments made. The assistance of inflation is invoked whenever a government is unwilling to increase taxation or unable to raise a loan; that is the truth of the matter. — Ludwig Von Mises

All that the State need do, and can do, in order to preserve the monetary system undisturbed, is to refrain from such intervention. That is the essence of the monetary theory of the classical economists and their immediate successors, the Currency School. It is possible to refine and amplify this doctrine with the aid of the modern subjective theory; but it is impossible to overthrow it, and impossible to put anything else in its place. Those who are able to forget it only show that they are unable to think as economists. — Ludwig Von Mises

Government cannot make man richer, but it can make him poorer. — Ludwig Von Mises

The living is not perfect because it is liable to change; the dead is not perfect because it does not live. — Ludwig Von Mises

Inequality of wealth and incomes is an essential feature of the market economy. It is the implement that makes the consumers supreme in giving them the power to force all those engaged in production to comply with their orders. It forces all those engaged in production to the utmost exertion in the service of the consumers. It makes competition work. He who best serves the consumers profits most and accumulates
riches. — Ludwig Von Mises

It is impossible to understand the history of economic thought if one does not pay attention to the fact that economics as such is a challenge to the conceit of those in power. — Ludwig Von Mises

The champions of socialism call themselves progressives, but they recommend a system which is characterized by rigid observance of routine and by a resistance to every kind of improvement. They call themselves liberals, but they are intent upon abolishing liberty. They call themselves democrats, but they yearn for dictatorship. They call themselves revolutionaries, but they want to make the government omnipotent. They promise the blessings of the Garden of Eden, but they plan to transform the world into a gigantic post office. Every man but one a subordinate clerk in a bureau. — Ludwig Von Mises

This civilization was able to spring into existence because the peoples were dominated by ideas which were the application of the teachings of economics to the problems of economic policy. It will and must perish if the nations continue to pursue the course which they entered upon under the spell of doctrines rejecting economic thinking. — Ludwig Von Mises

All rational action is in the first place individual action. Only the individual thinks. Only the individual reasons. Only the individual acts. — Ludwig Von Mises

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. — Ludwig Von Mises

Nobody can be at the same time a correct bureaucrat and an innovator — Ludwig Von Mises

Common man does not speculate about the great problems. With regard to them he relies upon other people's authority, he behaves as every decent fellow must behave,' he is like a sheep in the herd. It is precisely this intellectual inertia that characterizes a man as a common man. Yet the common man does choose. He chooses to adopt traditional patterns or patterns adopted by other people because he is convinced that this procedure is best fitted to achieve his own welfare. And he is ready to change his ideology and consequently his mode of action whenever he becomes convinced that this would better serve his own interests. — Ludwig Von Mises

The entrepreneur who is reckoning in terms of a currency with a stable value is unable to compete with the entrepreneur who is prepared to make a quasi-gift of part of his capital to his customers. In 1920 and 1921, Dutch traders who had sold commodities to Austria could buy them back again after a while much cheaper than they had originally sold them, because the Austrian traders completely failed to see that they were selling them for less than they had cost. — Ludwig Von Mises

Every type of socialism is unworkable because economic calculation is impossible in a socialist community. — Ludwig Von Mises

What workers must learn is that the only reason why wage rates are higher in the United States is that the per head quota of capital invested is higher. — Ludwig Von Mises

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. — Ludwig Von Mises

Granted, many of them replied, that socialism may not result in riches for all but rather in a smaller production of wealth; nevertheless the masses will be happier under socialism, because they will share their worries with all their fellow citizens, and there will not be wealthier classes to be envied by poorer ones. The starving and ragged workers of Soviet Russia, they tell us, are a thousand times more joyful than the workers of the West who live under conditions which are luxurious compared to Russian standards; equality in poverty is a more satisfactory state than well-being where there are people who can flaunt more luxuries than the average man. — Ludwig Von Mises

The market economy is delivering miracles by the minute and yet we hardly notice or care; worse, we denounce the realization of this dream of all of history, this coming of heaven on earth and call it decadent and dangerous. — Jeffrey Tucker

Even if index numbers cannot fulfill the demands that theory has to make, they can still, in spite of their fundamental shortcomings and the inexactness of the methods by which they are actually determined, perform useful workaday services for the politician. If we have no other aim in view than the comparison of points of time that lie close to one another, then the errors that are involved in every method of calculating numbers may be so far ignored as to allow us to draw certain rough conclusions from them. Thus, for example, it becomes possible to a certain extent to span the temporal gap that lies, in a period of variation in the value of money, between movements of Stock Exchange rates and movements of the purchasing power that is expressed in the prices of commodities. — Ludwig Von Mises

In the land of the lotus-eaters there is no action. Action arises only from need, from dissatisfaction. It is purposeful striving towards something. Its ultimate end is always to get rid of a condition which is conceived to be deficient-to fulfill a need, to achieve satisfaction, to increase happiness. — Ludwig Von Mises

The aim of all struggles for liberty is to keep in bounds the armed defenders of peace, the governors and their constables. The political concept of the individual's freedom means: freedom from arbitrary action on the part of the police power. — Ludwig Von Mises

There cannot be stable money within an environment dominated by ideologies hostile to the preservation of economic freedom. — Ludwig Von Mises

For the etatist, money is a creature of the State, and the esteem in which money is held is the economic expression of the respect or prestige enjoyed by the State. The more powerful and the richer the State, the better its money. Thus, during the War, it was asserted that 'the monetary standard of the victors' would ultimately be the best money. Yet victory and defeat on the battlefield can exercise only an indirect influence on the value of money. — Ludwig Von Mises

The mixing of politics and business not only is detrimental to politics, as is frequently observed, but even much more so to business. — Ludwig Von Mises

He who disdains the fall in infant mortality and the gradual disappearance of famines and plagues may cast the first stone upon the materialism of the economists. — Ludwig Von Mises

Credit expansion is the governments' 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. — Ludwig Von Mises

If men do not now succeed in abolishing war, civilization and mankind are doomed. — Ludwig Von Mises

Monetary calculation is not the calculation, and certainly not the measurement, of value. Its basis is the comparison of the more important and the less important. It is an ordering according to rank, an act of grading (Cuhel), and not an act of measuring. It was a mistake to search for a measure of the value of goods. In the last analysis, economic calculation does not rest on the measurement of values, but on their arrangement in an order of rank. — Ludwig Von Mises

Western civilization is based upon the libertarian principle, and all its achievements are the results of the action of free men. — Ludwig Von Mises

Neither the entrepreneurs nor the farmers nor the capitalists determine what has to be produced. The consumers do that. — Ludwig Von Mises

Servile labour disappeared because it could not stand the competition of free labour; its un-profitability sealed its doom in the market economy. — Ludwig Von Mises

War can really cause no economic boom, at least not directly, since an increase in wealth never does result from destruction of goods. — Ludwig Von Mises

To the grumbler who complains about the unfairness of the 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 ... Equality under the law gives you the power to challenge every millionaire. — Ludwig Von Mises

The phenomenon of money presupposes an economic order in which production is based on division of labour and in which private property consists not only in goods of the first order (consumption goods), but also in goods of higher orders (production goods). In such a society, there is no systematic centralized control of production, for this is inconceivable without centralized disposal over the means of production. — Ludwig Von Mises

The alcoholic and the drug addict harm only themselves by their behavior; the person who violates the rules of morality governing mans life in society harms not only himself, but everyone. — Ludwig Von Mises

In the long run even the most despotic governments with all their brutality and cruelty are no match for ideas. Eventually the ideology that has won the support of the majority will prevail and cut the ground from under the tyrant's feet. Then the oppressed many will rise in rebellion and overthrow their masters. — Ludwig Von Mises

Changes in human conditions are brought about by the pioneering of the cleverest and most energetic men. They take the lead and the rest of mankind follows them little by little. — Ludwig Von Mises

A free press can only exist where there is private control over the means of production — Ludwig Von Mises

The attainment of the economic aims of man presupposes peace. — Ludwig Von Mises

Production is not something physical, material, and external; it is a spiritual and intellectual phenomenon. — Ludwig Von Mises

Etatism by no means aims at the formal transformation of all ownership of the means of production into State ownership by a complete overthrow of the established legal system. Only the biggest industrial, mining, and transport enterprises are to be nationalized; in agriculture, and in medium- and small-scale industry, private property is nominally to continue. Nevertheless, all enterprises are to become State undertakings in fact. Owners are to be left the title and dignity of ownership, it is true, and to be given a right to the receipt of a 'reasonable' income, 'in accordance with their position'; but, in fact, every business is to be changed into a government office and every livelihood into an official profession. — Ludwig Von Mises

In a battle between force and an idea, the latter always prevails. — Ludwig Von Mises

All this talk: the state should do this or that, ultimately means: the police should force consumers to behave otherwise than they would behave spontaneously. — Ludwig Von Mises

Economics is a theoretical science and as such abstains from any judgement of value. It is not its task to tell people what ends they should aim at. It is a science of the means to be applied for attainment of ends chosen, not, to be sure, a science of the choosing of ends. Ultimate decisions, the valuations and the choosing of ends, are beyond the scope of any science. Science never tells a man how he should act; it merely shows how a man must act if he wants to attain definite ends. — Ludwig Von Mises

Nothing is more calculated to make a demagogue popular than a constantly reiterated demand for heavy taxes on the rich. Capital levies and high income taxes on the larger incomes are extraordinarily popular with the masses, who do not have to pay them. — Ludwig Von Mises

The state is a human institution, not a superhuman being. He who says "state" means coercion and compulsion. He who says: There should be a law concerning this matter, means: The armed men of the government should force people to do what they do not want to do, or not to do what they like. He who says: This law should be better enforced, means: The police should force people to obey this law. He who says: The state is God, deifies arms and prisons. The worship of the state is the worship of force. — Ludwig Von Mises

Inflation is the fiscal complement of statism and arbitrary government. It is a cog in the complex of policies and institutions which gradually lead toward totalitarianism . — Ludwig Von Mises

If the present tax rates had been in effect from the beginning of our century, many who are millionaires today would live under more modest circumstances. But all those new branches of industry which supply the masses with articles unheard of before, would operate, if at all, on a much smaller scale, and their products would be beyond the reach of the common man. — Ludwig Von Mises

As the prosperity of the nation and the height of wage rates depend on a continual increase in the capital invested in its plants, mines and farms, it is one of the foremost tasks of good government to remove all obstacles that hinder the accumulation and investment of new capital. — Ludwig Von Mises

In spite of the anticapitalistic policies of all governments and of almost all political parties, the capitalist mode of production — Ludwig Von Mises

Under capitalism everybody is the architect of his own fortune. — Ludwig Von Mises

The comparatively greater prosperity of the United States is an outcome of the fact that the New Deal did not come in 1900 or 1910, but only in 1933. — Ludwig Von Mises

Government is an apparatus of compulsion and coercion. — Ludwig Von Mises

By rendering their enterprises profitable, the consumers shift control of the factors of production into the hands of those businessmen who serve them best. By rendering the enterprises of the bungling entrepreneurs unprofitable, they withdraw control from those entrepreneurs with whose services they disagree. It is antisocial in the strict meaning of the term if governments thwart these decisions of the people by taxing profits. From a genuinely social point of view, it would be more "social" to tax losses than to tax profits. — Ludwig Von Mises

Economic theory has demonstrated in an irrefutable way that a prosperity created by an expansionist monetary and credit policy is illusory and must end in a slump, an economic crisis. — Ludwig Von Mises

Do the American voters know that the unprecedented improvement in their standard of living that the last hundred years brought was the result of the steady rise in the per-head quota of capital invested? Do they realize that every measure leading to capital decumulation jeopardizes their prosperity? — Ludwig Von Mises

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

An anti-something movement displays a purely negative attitude. It has no chance whatever to succeed. Its passionate diatribes virtually advertise the program they attack. People must fight for something that they want to achieve, not simply reject an evil, however bad it may be. — Ludwig Von Mises

No matter how efficient school training may be, it would only produce stagnation, orthodoxy, and rigid pedantry if there were no uncommon men pushing forward beyond the wisdom of their tutors. — Ludwig Von Mises

The direction of all economic affairs is in the market society a task of the entrepreneurs. Theirs is the control of production. They are at the helm and steer the ship. A superficial observer would believe that they are supreme. But they are not. They are bound to obey unconditionally the captain's orders. The captain is the consumer ... [Consumers] make poor people rich and rich people poor. They determine precisely what should be produced, in what quality, and in what quantities. — Ludwig Von Mises

At George Mason University I saw Hoppe present a lecture in which he claimed that Ludwig von Mises had set the intellectual foundation for not only economics, but for ethics, geometry, and optics, as well. This bizarre claim turned a serious scholar and profound thinker into a comical cult figure, a sort of Euro Kim Il Sung. — Tom G. Palmer

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, 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. — Ludwig Von Mises

All index-number systems, so far as they are intended to have a greater significance for monetary theory than that of mere playing with figures, are based upon the idea of measuring the utility of a certain quantity of money. The object is to determine whether a gramme of gold is more or less useful to-day than it was at a certain time in the past. As far as objective use-value is concerned, such an investigation may perhaps yield results. We may assume the fiction, if we like, that, say, a loaf of bread is always of the same utility in the objective sense, always comprises the same food value. It is not necessary for us to enter at all into the question of whether this is permissible or not. — Ludwig Von Mises

For when the Law of Price declares that a good actually commands a particular price, and explains why it does so, it of course implies that the good is able to command this price, and explains why it is able to do so. The Law of Price comprehends the Law of Exchange-Value. — Ludwig Von Mises

If some peoples pretend that history or geography gives them the right to subjugate other races, nations, or peoples, there can be no peace. — Ludwig Von Mises

The characteristic feature of militarism is not the fact that a nation has a powerful army or navy. It is the paramount role assigned to the army within the political structure. Even in peacetime the army is supreme; it is the predominant factor in political life. The subjects must obey the government as soldiers must obey their superiors. Within a militarist community there is no freedom; there are only obedience and discipline. — Ludwig Von Mises

Many who are self-taught far excel the doctors, masters, and bachelors of the most renowned universities. — Ludwig Von Mises

Since its appearance the view that prostitution is a product of capitalism has gained ground enormously. And as, in addition, preachers still complain that the good old morals have decayed, and accuse modern culture of having led to loose living, everyone is convinced that all sexual wrongs represent a symptom of decadence peculiar to our age. — Ludwig Von Mises

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

Socialist society is a society of officials. — Ludwig Von Mises