Ludwig von Mises (September 29, 1881 – October 10, 1973) was a renowned economist who pioneered the development what is known as the Austrian School of Economics. In 1949, Mises published his seminal book, “Human Action,” which is primarily a study of human action and behavior (“praxeology”) and its application to economic theory. “Human Action” is a foundational work in the annals of Austrian economics and libertarian thought.
Mises was a staunch defender of free market capitalism and the protection of private property rights. During the height of the Cold War, Mises was heavily critical of socialist, communist, and central planning economies. He argued that only a market economy driven by the protection of private property and individual decisions can efficiently allocate resources to their most valued use and spur innovation. Mises was also a proponent of the gold standard and the concept of “sound money.” He warned that continued government intervention in the economy and devaluing the currency through constant “money printing” would have significantly negative inflationary impact on the economy.
Mises left an enduring legacy that has seen a resurgence in recent years with the return of inflation to developed market economies, increased government intervention, and the apparent return to favor of socialist policies. In addition to pure economics, Mises’s work has had a large influence on the concepts of individual freedom and the role of government in society. He is frequently cited by politicians, business leaders, and scholars. As a testament to his legacy, the Mises Institute was founded in 1982 and continues to be an influential think-tank supporting the Austrian School of Economic ideals and promoting free market capitalism.
Ludwig von Mises Quotes
“All rational action is in the first place individual action. Only the individual thinks. Only the individual reasons. Only the individual acts.”
“Value is not intrinsic; it is not in things. It is within us; it is the way in which man reacts to the conditions of his environment.”
“Economics is a living thing—and to live implies both imperfection and change.”
“He who is unfit to serve his fellow citizens wants to rule them.”
“The Marxians love of democratic institutions was a stratagem only, a pious fraud for the deception of the masses. Within a socialist community there is no room left for freedom.”
“All people, however fanatical they may be in their zeal to disparage and to fight capitalism, implicitly pay homage to it by passionately clamoring for the products it turns out”
“It is vain to fight totalitarianism by adopting totalitarian methods. Freedom can only be won by men unconditionally committed to the principles of freedom. The first requisite for a better social order is the return to unrestricted freedom of thought and speech.”
“The worst thing that can happen to a socialist is to have his country ruled by socialists who are not his friends.”
“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. What an alluring utopia! What a noble cause to fight!”
“It is not the fault of the entrepreneurs that the consumers, the people, the common man, prefer liquor to Bibles and detective stories to serious books, and that governments prefer guns to butter. The entrepreneur does not make greater profits in selling bad things than in selling good things. His profits are the greater the better he succeeds in providing the consumers with those things they ask for most intensely.”
Ludwig von Mises Books
“Human Action: The Scholar’s Edition” – by Ludwig von Mises
“The Theory of Money and Credit” – by Ludwig von Mises
“The Best of Ludwig von Mises” – by Ludwig von Mises, edited by Jeffrey A. Tucker
“Marxism Unmasked: From Delusion to Destruction” – by Ludwig von Mises
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