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Ludwig von Mises: "Only stilted pedants can conceive the idea that there are absolute norms to tell what is beautiful and what is not. They try to derive from the works of the past a code of rules with which, as they fancy, the writers and artists of the future should comply. But the genius does not cooperate with the pundit." - Theory and History


Quotable MisesThis database of quotations from Mises was prepared for The Quotable Mises edited by Mark Thornton, available from the Mises Institute store for $20. Send corrections to the editor. Here is a source page on the editions of the books referenced.

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Top> Browse by source: On the Manipulation of Money and Credit
AuthorQuoteSourcePageSubject
Ludwig von MisesThe ultimate cause, therefore, of the phenomenon of wave after wave of economic ups and downs is ideological in character. The cycles will not disappear so long as people believe that the rate of interest may be reduced, not through the accumulation of capital, but by banking policy.On the Manipulation of Money and Credit p. 139Business Cycles
Ludwig von MisesIn a given economic situation, the opportunities for production, which may actually be carried out, are limited by the supply of capital goods available.On the Manipulation of Money and Credit p. 125Capital
Ludwig von MisesIt 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.On the Manipulation of Money and Credit p. 176Capitalism
Ludwig von MisesThe capitalistic social order, therefore, is an economic democracy in the strictest sense of the word. In the last analysis, all decisions are dependent on the will of the people as consumers. Thus, whenever there is a conflict between the consumers views and those of the business managers, market pressures assure that the views of the consumers win out eventually.On the Manipulation of Money and Credit p. 178Capitalism
Ludwig von MisesIn the feudal society, men became rich by war and conquest and through the largess of the sovereign ruler. Men became poor if they were defeated in battle or if they fell from the monarchs good graces. In the capitalistic society, men become richdirectly as the producer of consumers goods.On the Manipulation of Money and Credit pp. 177-78Class Mobility
Ludwig von MisesIt is always an inflationist policy, not economic conditions, which bring about the monetary depreciation. The evil is philosophical in character.On the Manipulation of Money and Credit p. 48Deficits
Ludwig von MisesIf the practice persists of covering government deficits with the issue of notes, then the day will come without fail, sooner or later, when the monetary systems of those nations pursuing this course will break down completely. The purchasing power of the monetary unit will decline more and more, until finally it disappears completely.On the Manipulation of Money and Credit p. 5Deficits
Ludwig von MisesCan anyone doubt that the warring people of Europe would have tired of the conflict much sooner, if their governments had clearly, candidly, and promptly, presented them with the bill for military expenses?On the Manipulation of Money and Credit p. 38Deficits
Ludwig von MisesThe valuation of a monetary unit depends not on the wealth of a country, but rather on the relationship between the quantity of, and demand for, money. Thus, even the richest country can have a bad currency and the poorest a good one.On the Manipulation of Money and Credit p. 21Exchange
Ludwig von MisesThe superiority of the gold standard consists in the fact that the value of gold develops independent of political actions.On the Manipulation of Money and Credit p. 90Gold Standard
Ludwig von MisesInflation can be pursued only so long as the public still does not believe it will continue. Once the people generally realize that the inflation will be continued on and on and that the value of the monetary unit will decline more and more, then the fate of the money is sealed. Only the belief, that the inflation will come to a stop, maintains the value of the notes.On the Manipulation of Money and Credit p. 16Inflation
Ludwig von MisesInflationism, 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.On the Manipulation of Money and Credit p. 48Inflation
Ludwig von MisesProduction is not an end in itself. Its purpose is to serve consumption.On the Manipulation of Money and Credit p. 178Production
Ludwig von MisesIt is characteristic of current political thinking to welcome every suggestion which aims at enlarging the influence of government.On the Manipulation of Money and Credit p. 107State
Ludwig von MisesThe idea that changes in the purchasing power of money may be measured is scientifically untenable.On the Manipulation of Money and Credit p. 88Statistics
Ludwig von MisesTruth is not the halfway point between two untruths.On the Manipulation of Money and Credit p. 88Truth
Ludwig von MisesLike other factors of production, labor is also valued according to its usefulness in satisfying human wants.On the Manipulation of Money and Credit p. 177Wage Rates
Ludwig von MisesWorkers and consumers are, of course, identical.On the Manipulation of Money and Credit p. 179Workers