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From the monthly archives:
July 2009
Economics is a theoretical science and as such abstains from any judgement of value. It is not its task to tell people what ends they should aim at. It is a science of the means to be applied for attainment of ends chosen, not, to be sure, a science of the choosing of ends. Ultimate decisions, the valuations and the choosing of ends, are beyond the scope of any science. Science never tells a man how he should act; it merely shows how a man must act if he wants to attain definite ends.
– Ludwig von Mises (1881-1973) Austrian Economist and founder of the “Austrian School” of economic thinking
It is impossible to understand the history of economic thought if one does not pay attention to the fact that economics as such is a challenge to the conceit of those in power.
– Ludwig von Mises (1881-1973) Austrian Economist and founder of the “Austrian School” of economic thinking
What matters is not the allocation of portions out of a fund presented to man by nature. The problem is rather to further those social institutions which enable people to continue and to enlarge the production of all those things which they need.
– Ludwig von Mises (1881-1973) Austrian Economist and founder of the “Austrian School” of economic thinking
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.
– Ludwig von Mises (1881-1973) Austrian Economist and founder of the “Austrian School” of economic thinking
The meaning of economic freedom is this: that the individual is in a position to choose the way in which he wants to integrate himself into the totality of society.
– Ludwig von Mises (1881-1973) Austrian Economist and leader of the “Austrian School” of economic thinking