Mises Daily

The fundamental error of the interventionists is that they ignore the shortage of capital goods.

It is not the people we elect who are in charge. They are only the human face on the machine. If they don't know this before the election, they quickly discover it after the election.

People do not save and accumulate capital because there is interest. Interest is neither the impetus to saving nor the reward or the compensation granted for abstaining from immediate consumption. It is the ratio in the mutual valuation of present goods as against future goods.

Mises was not one to praise individual economists very often. But he still had his favorites.

A central benefit of the marketplace is the ability to choose the products and services that the "experts" tell us are not "the best."

"Herein lies the key to changing society — changing public opinion or people's preferences toward government. And the only way people are likely to change their preferences is through education and persuasion; force is ineffective."

Austrian monetary thought can be traced back right to the very founding father of monetary economics, the great Nicholas Oresme, the 14th century Bishop of Lisieux.

The characteristic feature of capitalism that distinguished it from precapitalist methods of production is capitalism's efforts to make goods and services available to everyone — not just the wealthy.

Things might have been much worse were it not for the efforts of a relative handful of intellectuals who have fought against socialist theory for more than a century. Without them, it might have been 99% in support of socialist tyranny.

The problem is that the capacity to imagine freedom is being eroded in our society and culture. The less freedom we have, the less people are able to imagine what freedom feels like, and therefore the less they are willing to fight for its restoration.