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From  A Critique of Interventionism : The history of the last decades can be understood only with a comprehension of the consequences of such intervention in the economic operations of the private property order. Since the demise of classical liberalism, interventionism has been the gist of politics in all countries in Europe and America.  The

From The Quotable Mises , Ludwig von Mises’s best nine quotes on gold and the gold standard: 1. Every nation, whether rich or poor, powerful or feeble, can at any hour once again adopt the gold standard. Source: Omnipotent Government 2. The gold standard has one tremendous virtue: the quantity of the money supply, under the gold standard, is

The consumer is not omniscient. He does not know where he can obtain at the cheapest price what he is looking for. Very often he does not even know what kind of commodity or service is suitable to remove most efficaciously the particular uneasiness he wants to remove. At best he is familiar with the market conditions of the immediate past and

There is a widespread opinion that liberalism is distinguished from other political movements by the fact that it places the interests of a part of society — the propertied classes, the capitalists, the entrepreneurs — above the interests of the other classes. This assertion is completely mistaken. Liberalism has always had in view the good of the

The socialists have engineered a semantic revolution in converting the meaning of terms into their opposite. In the vocabulary of their “Newspeak,” as George Orwell called it, there is a term “the one-party principle.” Now etymologically party is derived from the noun part. The brotherless part is no longer different from its antonym, the whole;

Aprioristic reasoning is purely conceptual and deductive. It cannot produce anything else but tautologies and analytic judgments. All its implications are logically derived from the premises and were already contained in them. Hence, according to a popular objection, it cannot add anything to our knowledge. All geometrical theorems are already

It has already been pointed out that a country can enjoy domestic peace only when a democratic constitution provides the guarantee that the adjustment of the government to the will of the citizens can take place without friction. Nothing else is required than the consistent application of the same principle in order to assure international peace

It is often maintained that what divides present-day political parties is a basic opposition in their ultimate philosophical commitments that cannot be settled by rational argument. The discussion of these antagonisms must therefore necessarily prove fruitless. Each side will remain unshaken in its conviction because the latter is based on a

Written to be Presented at a Banquet in Hayek’s Honor, Chicago, May 24, 1962 I am sorry that a combination of causes — geography, my busy schedule and no less my age — make it impossible for me to attend this gathering. If I were able to be present, I would have said a few words on Professor Hayek and his achievements. As conditions are, I have to

A popular fallacy considers entrepreneurial profit a reward for risk-taking. It looks upon the entrepreneur as a gambler who invests in a lottery after having weighed the favorable chances of winning a prize against the unfavorable chances of losing his stake. This opinion manifests itself most clearly in the description of stock-exchange