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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 subject: Speculation
Ludwig von MisesWithout speculation there can be no economic activity reaching beyond the immediate present.Socialism p. 125Speculation
Ludwig von MisesSpeculation is the link that binds isolated economic action to the economic activity of society as a whole.Socialism p. 182Speculation
Ludwig von MisesSpeculation in the capitalist system performs a function which must be performed in any economic system however organized: it provides for the adjustment of supply and demand over time and space.Socialism p. 125Speculation
Ludwig von MisesSpeculation performs an economic service which cannot conceivably be eliminated from any economic system.Socialism p. 125Speculation
Ludwig von MisesEvery action is a speculation, i.e., guided by a definite opinion concerning the uncertain conditions of the future.The Ultimate Foundation of Economic Science p. 51Speculation
Ludwig von MisesThe influence of speculation cannot alter the average level of prices over a given period; what it can do is to diminish the gap between the highest and the lowest prices. Price fluctuations are reduced by speculation, not aggravated, as the popular legend has it.The Theory of Money and Credit p. 286Speculation
Ludwig von MisesSpeculation anticipates future price changes; its economic function consists in evening out price differences between different places and different points in time and, through the pressure which prices exert on production and consumption, in adapting stocks and demands to each other.Nation, State, and Economy p. 145Speculation