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Ludwig von Mises: "Most men endure the sacrifice of the intellect more easily than the sacrifice of their daydreams. They cannot bear that their utopias should run aground on the unalterable necessities of human existence." - Epistemological Problems of Economics

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: The Theory of Money and Credit
Ludwig von MisesImprudent granting of credit is bound to prove just as ruinous to a bank as to any other merchant.The Theory of Money and Credit p. 295Banking
Ludwig von MisesAccountancy is not perfect. The precision of its statements is only illusory. The valuations of goods and rights with which it deals are always based on estimates depending on more or less uncertain and unknown factors.The Theory of Money and Credit p. 234Economic Calculation
Ludwig von MisesEconomic affairs cannot be kept going by magistrates and policemen.The Theory of Money and Credit p. 282Coercion
Ludwig von MisesCredit transactions are in fact nothing but the exchange of present goods against future goods.The Theory of Money and Credit p. 47Credit
Ludwig von MisesLenders of money have been held in odium, at all times and among all peoples.The Theory of Money and Credit p. 264Creditors
Ludwig von MisesAs there are in the field of social affairs no constant relations between magnitudes, no measurement is possible and economics can never become quantitative.The Theory of Money and Credit p. 460Econometrics
Ludwig von MisesNo 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.The Theory of Money and Credit p. 23Economics
Ludwig von MisesOnly by letting fall morsels of statistics is it possible for the economic theorist to maintain his prestige.The Theory of Money and Credit p. 216Economics
Ludwig von MisesHow pale is the art of sorcerers, witches, and conjurors when compared with that of the government's Treasury Department!The Theory of Money and Credit p. 458Fiat Money
Ludwig von MisesThis throttling of international credit can hardly be remedied otherwise than by setting aside the principle that it lies within the discretion of every government . . . to stop paying interest to foreign countries and also to prohibit interest and amortization payments on the part of its subjects.The Theory of Money and Credit pp. 2829Foreign Capital
Ludwig von MisesForeign-exchange control is today primarily a device for the virtual expropriation of foreign investments. It has destroyed the international capital and money market.The Theory of Money and Credit p. 476Foreign Exchange
Ludwig von MisesThe excellence of the gold standard is to be seen in the fact that it renders the determination of the monetary units purchasing power independent of the policies of governments and political parties.The Theory of Money and Credit p. 456Gold Standard
Ludwig von MisesThe gold standard did not collapse. Governments abolished it in order to pave the way for inflation. The whole grim apparatus of oppression and coercion, policemen, customs guards, penal courts, prisons, in some countries even executioners, had to be put into action in order to destroy the gold standard.The Theory of Money and Credit p. 461Gold Standard
Ludwig von MisesThe classical or orthodox gold standard alone is a truly effective check on the power of the government to inflate the currency. Without such a check all other constitutional safeguards can be rendered vain.The Theory of Money and Credit p. 495Gold Standard
Ludwig von MisesEven a manifestly erroneous doctrine should be refuted by careful analysis and the unmasking of the fallacies implied. A sound doctrine can win only by exploding the delusions of its adversaries.The Theory of Money and Credit pp. 455-56Ideology
Ludwig von MisesThe 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.The Theory of Money and Credit p. 253Inflation
Ludwig von MisesThe advocates of public control cannot do without inflation. They need it in order to finance their policy of reckless spending and of lavishly subsidizing and bribing the voters.The Theory of Money and Credit p. 479Inflation
Ludwig von MisesThere has been no generation that has not grumbled about the expensive times that it lives in. But the fact that everything is becoming dearer simply means that the objective exchange value of money is falling.The Theory of Money and Credit p. 177Inflation
Ludwig von MisesWho has any doubt that the belligerent peoples of Europe would have tired of war much more quickly if their governments had clearly and candidly laid before them at the time the account of their war expenditure?The Theory of Money and Credit p. 254Inflation
Ludwig von MisesInflation has always been an important resource of policies of war and revolution and why we also find it in the service of socialism.The Theory of Money and Credit p. 255Inflation
Ludwig von MisesInflation 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.The Theory of Money and Credit p. 468Inflation
Ludwig von MisesInflation is the true opium of the people and it is administered to them by anticapitalist governments and parties.The Theory of Money and Credit p. 485Inflation
Ludwig von MisesThe greater the fund of means of subsistence in a community, the lower the rate of interest.The Theory of Money and Credit p. 386Interest rate
Ludwig von MisesEven the manifest futility of the International Monetary Fund does not deter authors from indulging in dreams about a world bank fertilizing mankind with floods of cheap credit.The Theory of Money and Credit pp. 477-78International Monetary Fund
Ludwig von MisesImports are in fact paid for by exports and not by money.The Theory of Money and Credit p. 286International Trade
Ludwig von MisesThe fallacies implied in the Keynesian full-employment doctrine are, in a new attire, essentially the same errors which [Adam] Smith and [Jean Baptiste] Say long since demolished.The Theory of Money and Credit p. 464Keynes
Ludwig von MisesWhen any sort of difference arises between law and opinion, a reaction must necessarily follow; a movement sets in against that part of the law that is felt to be unjust. Such conflicts always tend to end in a victory of opinion over the law; ultimately the views of the ruling class become embodied in the law.The Theory of Money and Credit p. 229Majority Rule
Ludwig von MisesAll monetary policies encounter the difficulty that the effects of any measures taken . . . can neither be foreseen in advance, nor their nature and magnitude be determined even after they have already occurred.The Theory of Money and Credit p. 271Monetary Policy
Ludwig von MisesThe interests of the capitalists are scarcely ever represented in monetary policy.The Theory of Money and Credit p. 414Monetary Policy
Ludwig von MisesMoney is regarded as the cause of theft and murder, of deception and betrayal. Money is blamed when the prostitute sells her body and when the bribed judge perverts the law. It is money against which the moralist declaims when he wishes to oppose excessive materialism.The Theory of Money and Credit p. 111Money