Ludwig Von Mises

Ludwig Von Mises (1881-1973) was the 20th century's foremost economist. He was the author of Human Action, Socialism, and a dozen other works.

Inflation: John Maynard Keynes vs. The Gold Standard (3 of 5)

The government may think that inflation--as a method of raising funds--is better than taxation, which is always unpopular and difficult. In many rich and great nations, legislators have often discussed, for months and months, the various forms of new taxes that were...

Inflation: The Myth of the “Price Level” (2 of 5)

When people talk of a "price level," they have in mind the image of a level of a liquid which goes up or down according to the increase or decrease in its quantity, but which, like a liquid in a tank, always rises evenly. But with prices, there is no such thing as a...

Inflation: An Increase in the Quantity of Money (1 of 5)

If the supply of caviar were as plentiful as the supply of potatoes, the price of caviar--that is, the exchange ratio between caviar and money or caviar and other com­modities-would change considerably. In that case, one could obtain caviar at a much smaller...

Interventionism vs Capitalism: The Price Control (2 of 4)

Let us consider one example of interventionism, very popular in many countries and tried again and again by many governments, especially in times of inflation. I refer to price control. Governments usually resort to price control when they have inflated the money...

Socialism: Central Planning vs The Freedom to Plan (3 of 4)

The socialist system, however, forbids this fundamental freedom to choose one’s own career. Under socialist conditions, there is only one economic authority, and it has the right to determine all matters concerning production. One of the characteristic features of our...

Capitalism: Capital and Wages (3 of 3)

The capitalist system was termed “capitalism” not by a friend of the system, but by an individual who considered it to be the worst of all historical systems, the greatest evil that had ever befallen mankind. That man was Karl Marx.

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