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Planning for Freedom
This book has grown, from thirteen essays to seventeen essays. It is now the largest ever. There are now four additional essays of special merit. Also, for the first time, an analytical and descriptive essay has been added, "The Essential Von Mises," by a former student, Murray N. Rothbard, which is extraordinarily helpful. How do you introduce Mises into your thinking? Read these essays, and Rothbard's superior analysis, and you will be a better-informed person. Socrates considered ethics to be the queen of all the sciences; if so, economics is the bridegroom. Nobody can afford to be ignorant of economics, unless he is indifferent about having knowledge in the second most important of the social sciences.
280 pages, Paperback
First published January 1, 1952
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About the author
Ludwig von Mises
271 books1,251 followersLudwig Heinrich Edler von Mises (German pronunciation: [ˈluːtvɪç fɔn ˈmiːzəs]; September 29, 1881 – October 10, 1973) was an Austrian economist, historian, philosopher, author, and classical liberal who had a significant influence on the Austrian government's economic policies in the first third of the 20th century, the Austrian School of Economics, and the modern free-market libertarian movement.
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Displaying 1 - 11 of 11 reviews
September 29, 2024
2021-05-15 This edition is the exact one that I first read of this book and author (about 1974 as a college sophomore). It hooked me on his style, his clarity, his courage, his simple explanations of complex and difficult topics, and just overall. Later editions have more essays and other additions add nicely in different ways to the book. But the essential stuff is here. Any edition should do just fine to introduce you to Mises and his great ideas.
HIGHLY recommended as a first book to read of Mises. There are a few others that may be almost as good intro's to his works as this, such as "Economic Policy" or "Planned Chaos," but this book is still my favorite intro level.
A brief review of the contents might give some reasons why:
"Planning for Freedom" title essay - shows how each individual making their own plans, coordinated voluntarily in a free market, is vastly better than one central plan where adherence to the ONE plan is compulsory. Compulsory - key word - and one that socialists almost never admit, yet it is a central assumption of their idea and THEIR plan for YOU.
"Middle of the Road Policy Leads to Socialism" - Love this title and the point - Interventionism, the vaunted "middle way" between socialism and capitalism is NOT a viable, long term, or stable alternative. It is rather a prescription for problems that lead to socialism. He clearly explains how and why this is. Compromise on these issues does not lead to better outcomes, it leads to coercive socialism with inefficiency, shortages, surpluses, chaos and misery along the way.
"Laissez Faire or Dictatorship" - another essay that explores more of the political aspects of the same issue mentioned above.
"Stones Into Bread - The Keynesian Miracle" - Miracles are indeed what Keynesian policies rely on to fulfill their predictions for their policies. For in the real world, their short-term "wins" turn very bad indeed in the middle to longer term. Sure, we are indeed all "dead" in the "long term" - but we do not only live in the short term, we live in the middle term, and our kids and grandkids live in OUR long term. Inflation, unemployment, destruction of capital, political power centralization and many other ills are the inevitable results of Keynesian policies, NOT a better world. We are just starting to see this now in the US - Spring of 2021 - with inflation and shortages of many commodities, finished products (cars, trucks, etc.) becoming apparent, due to the disruptions caused by the massive inflation of deficit government spending in the TRILLIONS of $ on Covid, Infrastructure, welfare, etc.
"Lord Keynes and Says Law" - because Keynes has had such a profound and deleterious effect on economic thinking, western economies and the whole of society, Mises explores more about his ideas and what he and his followers thought he/they accomplished.
There are more great essays in this book, but hopefully you can explore them on your own. I recommend it for your own good and the good of your family, your neighbors and all of society.
HIGHLY recommended as a first book to read of Mises. There are a few others that may be almost as good intro's to his works as this, such as "Economic Policy" or "Planned Chaos," but this book is still my favorite intro level.
A brief review of the contents might give some reasons why:
"Planning for Freedom" title essay - shows how each individual making their own plans, coordinated voluntarily in a free market, is vastly better than one central plan where adherence to the ONE plan is compulsory. Compulsory - key word - and one that socialists almost never admit, yet it is a central assumption of their idea and THEIR plan for YOU.
"Middle of the Road Policy Leads to Socialism" - Love this title and the point - Interventionism, the vaunted "middle way" between socialism and capitalism is NOT a viable, long term, or stable alternative. It is rather a prescription for problems that lead to socialism. He clearly explains how and why this is. Compromise on these issues does not lead to better outcomes, it leads to coercive socialism with inefficiency, shortages, surpluses, chaos and misery along the way.
"Laissez Faire or Dictatorship" - another essay that explores more of the political aspects of the same issue mentioned above.
"Stones Into Bread - The Keynesian Miracle" - Miracles are indeed what Keynesian policies rely on to fulfill their predictions for their policies. For in the real world, their short-term "wins" turn very bad indeed in the middle to longer term. Sure, we are indeed all "dead" in the "long term" - but we do not only live in the short term, we live in the middle term, and our kids and grandkids live in OUR long term. Inflation, unemployment, destruction of capital, political power centralization and many other ills are the inevitable results of Keynesian policies, NOT a better world. We are just starting to see this now in the US - Spring of 2021 - with inflation and shortages of many commodities, finished products (cars, trucks, etc.) becoming apparent, due to the disruptions caused by the massive inflation of deficit government spending in the TRILLIONS of $ on Covid, Infrastructure, welfare, etc.
"Lord Keynes and Says Law" - because Keynes has had such a profound and deleterious effect on economic thinking, western economies and the whole of society, Mises explores more about his ideas and what he and his followers thought he/they accomplished.
There are more great essays in this book, but hopefully you can explore them on your own. I recommend it for your own good and the good of your family, your neighbors and all of society.
August 1, 2023
I highly recommend this book. Read it, and you will understand basic economics, especially the differences between laissez-faire free markets and central planning.
July 2, 2015
This is probably the best collection of Mises essays. If you are new to Mises, I suggest you take a look!
June 8, 2020
This review concerns the Memorial Edition (Third) of the Libertarian Press.
This is a wonderful collection of essays and talks by Mises. It’s a very good introduction to both his way of thinking and economics. Though it’s also about politics, in an interesting way.
Unfortunately, Mises once again claims that ethics is arbitrary and subjective. He says, “There is no objective standard available with regard to which they [ethical precepts] could be judged.” That objective standard is of course whether they are based on private property. Ultimate ends can be ethically judged on the basis of whether someone’s private property was invaded or not. Rothbard speculated that Mises’ rejection of all ethics had to do with natural right systems having all been perverted from the left when he began to think and write. Nevertheless, he did read Spencer at one time, whose Social Statics is a splendid Natural Law System.
Of course, the economist does not make ethical judgements, that is not his job, but to claim, there is no ethical system at all goes too far.
The longest essay in the volume is Profit & Loss. This essay is simply fantastic. No one else have I ever seen pointing out better what profit and loss actually are, than Mises in this essay. Especially eye-opening is the 7th part: The Computation of Profit and Loss. There it says: “The originary praxeological categories of profit and loss are psychic qualities and not reducible to any interpersonal description in quantitative terms.”
In Economic Teaching at the Universities, he criticises the Progressive Teachers, because they let their students hear socialistic theories way before they understand basic economic laws. In fact, real economics is rarely taught. He realized that “Some teachers try to refute the accusations of ideological intolerance leveled against their universities and to demonstrate their own impartiality by occasionally inviting a dissenting outside to address their students.” He was himself at least once invited as such a guest speaker and he refused the offer, explaining that he can’t do in one hour was has been missed in three years.
The only thing that irritated my a bit in this essay was that Mises named Irving Fisher as one of few competent men left. Fisher is famous having said one day before the stock market crash of 1929 that the stocks are on a permanently high plateau. To me this sounds more like the talking of a madman.
His solution, and he claims it’s the only solution, to the problem of lacking economic teachings at universities is that true economists must be given the same opportunity which the advocates of socialism and interventionism enjoy today. And he goes on to say that this is surely not too much to ask.
I find this highly naïve, why would those in power have the students learn sound economics? These students will start to question the policies of those in power and will have rational arguments at hand and the status of an university behind them. It is apparently too much to ask, else we would have it now. But decades after Mises wrote it, the situation is still exactly the same. And not only in the USA, but everywhere in the “free” world.
In other words, Mises “only” solution isn’t a solution at all. But there would be a solution and that is privatize the school and university system. So that the students won’t be just another brick in the wall. Politician, let these kids alone!
The essay collection ends with a biographical Sketch of Miss made by Henry Hazzlit and reminiscences by Gottfried Haberler on Mises’ Private Seminar. And after that there’s an extract consisting of four paragraphs from an article by Albert Hunold called How Mises Changed My Mind. I found that extract especially interesting because Hunold, like me, lived in Zurich and he tell of the socialistic school system and he found it to be gruelling.
When I began to read this book, I hadn’t yet my note taking system in place, so I’m somewhat limited in what I can say about this marvellous book. My rating is rather harsh, if someone else had written it, I would have given it 5 starts.
This is a wonderful collection of essays and talks by Mises. It’s a very good introduction to both his way of thinking and economics. Though it’s also about politics, in an interesting way.
Unfortunately, Mises once again claims that ethics is arbitrary and subjective. He says, “There is no objective standard available with regard to which they [ethical precepts] could be judged.” That objective standard is of course whether they are based on private property. Ultimate ends can be ethically judged on the basis of whether someone’s private property was invaded or not. Rothbard speculated that Mises’ rejection of all ethics had to do with natural right systems having all been perverted from the left when he began to think and write. Nevertheless, he did read Spencer at one time, whose Social Statics is a splendid Natural Law System.
Of course, the economist does not make ethical judgements, that is not his job, but to claim, there is no ethical system at all goes too far.
The longest essay in the volume is Profit & Loss. This essay is simply fantastic. No one else have I ever seen pointing out better what profit and loss actually are, than Mises in this essay. Especially eye-opening is the 7th part: The Computation of Profit and Loss. There it says: “The originary praxeological categories of profit and loss are psychic qualities and not reducible to any interpersonal description in quantitative terms.”
In Economic Teaching at the Universities, he criticises the Progressive Teachers, because they let their students hear socialistic theories way before they understand basic economic laws. In fact, real economics is rarely taught. He realized that “Some teachers try to refute the accusations of ideological intolerance leveled against their universities and to demonstrate their own impartiality by occasionally inviting a dissenting outside to address their students.” He was himself at least once invited as such a guest speaker and he refused the offer, explaining that he can’t do in one hour was has been missed in three years.
The only thing that irritated my a bit in this essay was that Mises named Irving Fisher as one of few competent men left. Fisher is famous having said one day before the stock market crash of 1929 that the stocks are on a permanently high plateau. To me this sounds more like the talking of a madman.
His solution, and he claims it’s the only solution, to the problem of lacking economic teachings at universities is that true economists must be given the same opportunity which the advocates of socialism and interventionism enjoy today. And he goes on to say that this is surely not too much to ask.
I find this highly naïve, why would those in power have the students learn sound economics? These students will start to question the policies of those in power and will have rational arguments at hand and the status of an university behind them. It is apparently too much to ask, else we would have it now. But decades after Mises wrote it, the situation is still exactly the same. And not only in the USA, but everywhere in the “free” world.
In other words, Mises “only” solution isn’t a solution at all. But there would be a solution and that is privatize the school and university system. So that the students won’t be just another brick in the wall. Politician, let these kids alone!
The essay collection ends with a biographical Sketch of Miss made by Henry Hazzlit and reminiscences by Gottfried Haberler on Mises’ Private Seminar. And after that there’s an extract consisting of four paragraphs from an article by Albert Hunold called How Mises Changed My Mind. I found that extract especially interesting because Hunold, like me, lived in Zurich and he tell of the socialistic school system and he found it to be gruelling.
When I began to read this book, I hadn’t yet my note taking system in place, so I’m somewhat limited in what I can say about this marvellous book. My rating is rather harsh, if someone else had written it, I would have given it 5 starts.
November 29, 2023
Last year, House Speaker Nancy Pelosi stated, "We should not talk about inflation; instead, we should focus on high prices." This nostrum, was addressed in 1912 by Ludwig von Mises, in his magisterial study, "The Theory of Money and Credit."
This prompted me to reread Mises's "Planning for Freedom; and Twelve other Essays and Addresses." This is an erudite and compelling volume. The late von Mises, perhaps the most important economist of the last century, was also a profound historian, logician, epistemologist and sociologist. While he wrote extensively on all aspects of the human condition from the standpoint of classical liberalism, he is probably best known for his work on praxeology and catallactics . A mentor to Hayek and others, Mises's legacy is unparalleled.
Mises addressed the scourge of inflation throughout his career, and he never wavered. This compendium explicitly addresses an inconvenient truth; inflation should never be confused with high prices. Inflation is a monetary phenomenon, brought on by political actors. And, the utilization of econometrics brings no clarity to this problem. As Mises's protégé Murray Rothbard stated:
Consider, for example, the statements (2) To a higher price of a good, there corresponds a lower (or at any rate not a higher) demand.
(2') If p denotes the price of, and q the demand for, a good, then
q = f(p) and dq/dp = f' (p) ≤ 0
Those who regard the formula (2') as more precise or "more mathematical" than the sentence (2) are under a complete misapprehension … the only difference between (2) and (2') is this: since (2') is limited to functions which are differentiable and whose graphs, therefore, have tangents (which from an economic point of view are not more plausible than curvature), the sentence (2) is more general, but it is by no means less precise: it is of the same mathematical precision as (2').
Unfortunately, the public is mostly befuddled by the intimidating- often mathematical language- of modern economics, and hence is frequently seduced by the promise of a free lunch. Mises would remind us in simple German, of three truths: 1.) There is a real cost to all commodities, 2.) One cannot fertilize a forty acre field by farting through a fence, and 3.) We cannot feed the world from a flowerpot.
A lesson we should all learn and transmit.
This prompted me to reread Mises's "Planning for Freedom; and Twelve other Essays and Addresses." This is an erudite and compelling volume. The late von Mises, perhaps the most important economist of the last century, was also a profound historian, logician, epistemologist and sociologist. While he wrote extensively on all aspects of the human condition from the standpoint of classical liberalism, he is probably best known for his work on praxeology and catallactics . A mentor to Hayek and others, Mises's legacy is unparalleled.
Mises addressed the scourge of inflation throughout his career, and he never wavered. This compendium explicitly addresses an inconvenient truth; inflation should never be confused with high prices. Inflation is a monetary phenomenon, brought on by political actors. And, the utilization of econometrics brings no clarity to this problem. As Mises's protégé Murray Rothbard stated:
Consider, for example, the statements (2) To a higher price of a good, there corresponds a lower (or at any rate not a higher) demand.
(2') If p denotes the price of, and q the demand for, a good, then
q = f(p) and dq/dp = f' (p) ≤ 0
Those who regard the formula (2') as more precise or "more mathematical" than the sentence (2) are under a complete misapprehension … the only difference between (2) and (2') is this: since (2') is limited to functions which are differentiable and whose graphs, therefore, have tangents (which from an economic point of view are not more plausible than curvature), the sentence (2) is more general, but it is by no means less precise: it is of the same mathematical precision as (2').
Unfortunately, the public is mostly befuddled by the intimidating- often mathematical language- of modern economics, and hence is frequently seduced by the promise of a free lunch. Mises would remind us in simple German, of three truths: 1.) There is a real cost to all commodities, 2.) One cannot fertilize a forty acre field by farting through a fence, and 3.) We cannot feed the world from a flowerpot.
A lesson we should all learn and transmit.
April 26, 2017
This should read as 3.4 stars out of 5.
This collection of essays is a very good introduction to some of the themes Mises cared about the most. It's mostly pedagogical and aiming at a wider audience. If you never read Mises, this is a great place to start before you go read Bureaucracy.
However, I guess I was hoping for a deeper analysis, specially from the economic perspective. The essays can get a bit repetitive at times. They mostly focus on the impossibility of a "middle of the road" policy, providing good context from the marxist literature and Marx's views on the desirability of interventionism, and the fatality of socialism. You also have the standard critique of union power and the belief that you can raise all wages through political action.
What I enjoyed the most was some glipses of the Misesian exposition of the market process and the role of profit and entrepreneurs.
Also, of course I was delighted to see Mises's endorsement of that great economist Benjamin M. Anderson and his economic history book Economics and the Public Welfare.
Overall, a good introduction, but for those who like me are already quite into the Austrian tradition, it's far from a life-changing experience
This collection of essays is a very good introduction to some of the themes Mises cared about the most. It's mostly pedagogical and aiming at a wider audience. If you never read Mises, this is a great place to start before you go read Bureaucracy.
However, I guess I was hoping for a deeper analysis, specially from the economic perspective. The essays can get a bit repetitive at times. They mostly focus on the impossibility of a "middle of the road" policy, providing good context from the marxist literature and Marx's views on the desirability of interventionism, and the fatality of socialism. You also have the standard critique of union power and the belief that you can raise all wages through political action.
What I enjoyed the most was some glipses of the Misesian exposition of the market process and the role of profit and entrepreneurs.
Also, of course I was delighted to see Mises's endorsement of that great economist Benjamin M. Anderson and his economic history book Economics and the Public Welfare.
Overall, a good introduction, but for those who like me are already quite into the Austrian tradition, it's far from a life-changing experience
December 1, 2021
Maybe the greatest economist explains
Few modern economists can write so everyone can understand fundamental economics. Although written shortly after WWII it could have been written yesterday in its relevance and topically. The monolithic media propounding harmful progressive ideology and programs to monolithic academia indoctrinating young minds to politicians seeing electoral success in pandering to the most radical socialist elements. It's like opening the NY Times knowing its biases. Mises makes it all clear.
A great book by a genius. A privilege to read.
Few modern economists can write so everyone can understand fundamental economics. Although written shortly after WWII it could have been written yesterday in its relevance and topically. The monolithic media propounding harmful progressive ideology and programs to monolithic academia indoctrinating young minds to politicians seeing electoral success in pandering to the most radical socialist elements. It's like opening the NY Times knowing its biases. Mises makes it all clear.
A great book by a genius. A privilege to read.
October 23, 2023
A BROAD COLLECTION OF ESSAYS AND LECTURES
The Original Preface to this 1952 book explains, “The essays and addresses collected in this volume are that part of Professor Mises’ publications that appeal to the general reader. They can be considered as an introduction to his ideas in his more comprehensive and more voluminous books. They deal with the momentous economic issues that divide contemporary mankind into hostile camps. They do not, like his more voluminous publications treat all the aspects of the problems involved. They merely comment upon some of the most burning questions of the great ideological conflicts of our age. No student of present-day conditions can help falling prey sometimes to darkest pessimism about the future. [Mises] is no exception. Yet, as the last two pieces of this collection try to show, there is no substantiated reason for a gloomy outlook. Today we are certainly headed toward catastrophe. But trends can change. They have often changed in the past; they will change again.”
Mises states in the opening essay, “Planning and capitalism are utterly incompatible. Within a system of planning production is conducted according to the government’s orders, not according to the plans of capitalists and entrepreneurs eager to profit by best filling the wants of the consumers.” (Pg. 1)
He asserts, “While in individual bargaining the unemployed virtually have a voice, they are excluded in collective bargaining. The union officers do not care about the fate of non-members and especially not about that of beginners to enter their industry. Union rates are fixed at a level at which a considerable part of available manpower remains unemployed. Mass unemployment is not proof of the failure of capitalism, but the proof of the failure of traditional union methods.” (Pg. 13)
He observes, “Today it is no longer difficult for intelligent men to realize that the alternative is market economy or communism. Production can either be directed by buying and abstention from buying on the part of all people, or it can be directed by the orders of the supreme chief of state. Men must choose between these two systems of society’s economic organization. There is no third solution, no middle way.” (Pg. 40) He argues, “If one rejects laissez faire on account of man’s fallibility and moral weakness, one must for the same reasons also reject every kind of government action.” (Pg. 44)
He advises, “There is no use in arguing with people who are driven by ‘an almost religious fervor’ and believe that their master ‘had the Revelation.’ It is one of the tasks of economics to analyze carefully each of the inflationist plans… Yet, no one should expect that any logical argument or any experience could ever shake the almost religious fervor of those who believe in salvation through spending and credit expansion.” (Pg. 63)
He contends, “[Keynes’] achievement was a rationalization of the policies already practiced. He was not a ‘revolutionary’ … The ‘Keynesian revolution’ took place long before Keynes approved of it and fabricated a pseudo-scientific justification for it. What he really did was to write an apology for the prevailing policies of governments.” (Pg. 69)
He says, “it is impermissible to question the free market’s choice of the entrepreneurs. The consumers’ preference for definite articles may be open to condemnation from the point of view of a philosopher’s judgment. But judgments of value are necessarily always personal and subjective. The consumer chooses what, as he thinks, satisfies him best. Nobody is called upon to determine what could make another man happier or less unhappy.” (Pg. 118)
He asserts, “Any attempts the governments and their propaganda offices make to conceal this concatenation of events are in vain. Deficit spending means increasing the quantity of money in circulation. That the official terminology avoids calling it inflation is of no avail whatever. The government and its chiefs do not have the powers of the mythical Santa Claus. They cannot end except by taking out of the pockets of some people for the benefit of others.” (Pg. 187)
In a 1940 lecture [‘My Contributions to Economic Theory’], Mises recounted, “When I first began to study the problems of monetary theory there was a general belief, namely, that modern marginal utility economics was unable to deal with monetary theory in a satisfactory way… This challenge provided me with the incentive to use the methods of modern marginal utility economics in the study of monetary problems. To do so I had to use an approach radically different from that of the mathematical economists who try to establish the formulas of the so-called equation of exchange.” (Pg. 225)
He continues, “Occupation with all these problems made necessary an approach to the question of the values and ends of human activity… I tried to demonstrate that the economists were never so narrow as their critics believed. The prices whose formation we try to explain are a function of demand and it does not make any difference what kind of motives actuated those involved in the transaction.” (Pg. 229-230)
Added to the end of the book is a 40-page essay by Murray Rothbard, ‘The Essential von Mises.’
This book will be of keen interest to those studying Mises, Austrian economics, and similar topics.
The Original Preface to this 1952 book explains, “The essays and addresses collected in this volume are that part of Professor Mises’ publications that appeal to the general reader. They can be considered as an introduction to his ideas in his more comprehensive and more voluminous books. They deal with the momentous economic issues that divide contemporary mankind into hostile camps. They do not, like his more voluminous publications treat all the aspects of the problems involved. They merely comment upon some of the most burning questions of the great ideological conflicts of our age. No student of present-day conditions can help falling prey sometimes to darkest pessimism about the future. [Mises] is no exception. Yet, as the last two pieces of this collection try to show, there is no substantiated reason for a gloomy outlook. Today we are certainly headed toward catastrophe. But trends can change. They have often changed in the past; they will change again.”
Mises states in the opening essay, “Planning and capitalism are utterly incompatible. Within a system of planning production is conducted according to the government’s orders, not according to the plans of capitalists and entrepreneurs eager to profit by best filling the wants of the consumers.” (Pg. 1)
He asserts, “While in individual bargaining the unemployed virtually have a voice, they are excluded in collective bargaining. The union officers do not care about the fate of non-members and especially not about that of beginners to enter their industry. Union rates are fixed at a level at which a considerable part of available manpower remains unemployed. Mass unemployment is not proof of the failure of capitalism, but the proof of the failure of traditional union methods.” (Pg. 13)
He observes, “Today it is no longer difficult for intelligent men to realize that the alternative is market economy or communism. Production can either be directed by buying and abstention from buying on the part of all people, or it can be directed by the orders of the supreme chief of state. Men must choose between these two systems of society’s economic organization. There is no third solution, no middle way.” (Pg. 40) He argues, “If one rejects laissez faire on account of man’s fallibility and moral weakness, one must for the same reasons also reject every kind of government action.” (Pg. 44)
He advises, “There is no use in arguing with people who are driven by ‘an almost religious fervor’ and believe that their master ‘had the Revelation.’ It is one of the tasks of economics to analyze carefully each of the inflationist plans… Yet, no one should expect that any logical argument or any experience could ever shake the almost religious fervor of those who believe in salvation through spending and credit expansion.” (Pg. 63)
He contends, “[Keynes’] achievement was a rationalization of the policies already practiced. He was not a ‘revolutionary’ … The ‘Keynesian revolution’ took place long before Keynes approved of it and fabricated a pseudo-scientific justification for it. What he really did was to write an apology for the prevailing policies of governments.” (Pg. 69)
He says, “it is impermissible to question the free market’s choice of the entrepreneurs. The consumers’ preference for definite articles may be open to condemnation from the point of view of a philosopher’s judgment. But judgments of value are necessarily always personal and subjective. The consumer chooses what, as he thinks, satisfies him best. Nobody is called upon to determine what could make another man happier or less unhappy.” (Pg. 118)
He asserts, “Any attempts the governments and their propaganda offices make to conceal this concatenation of events are in vain. Deficit spending means increasing the quantity of money in circulation. That the official terminology avoids calling it inflation is of no avail whatever. The government and its chiefs do not have the powers of the mythical Santa Claus. They cannot end except by taking out of the pockets of some people for the benefit of others.” (Pg. 187)
In a 1940 lecture [‘My Contributions to Economic Theory’], Mises recounted, “When I first began to study the problems of monetary theory there was a general belief, namely, that modern marginal utility economics was unable to deal with monetary theory in a satisfactory way… This challenge provided me with the incentive to use the methods of modern marginal utility economics in the study of monetary problems. To do so I had to use an approach radically different from that of the mathematical economists who try to establish the formulas of the so-called equation of exchange.” (Pg. 225)
He continues, “Occupation with all these problems made necessary an approach to the question of the values and ends of human activity… I tried to demonstrate that the economists were never so narrow as their critics believed. The prices whose formation we try to explain are a function of demand and it does not make any difference what kind of motives actuated those involved in the transaction.” (Pg. 229-230)
Added to the end of the book is a 40-page essay by Murray Rothbard, ‘The Essential von Mises.’
This book will be of keen interest to those studying Mises, Austrian economics, and similar topics.
Read
August 3, 2011What more can be said about Ludwig von Mises that hasn't already been said. You can learn more in these sparse pages than in a 4 year degree in economics. Insights into nature, governments, and economics with the turn of each page. If you want to know, this book is for you.
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September 23, 2010PLANNING FOR FREEDOM: LET THE MARKET SYSTEM WORK (Lib Works Ludwig Von Mises PB) by LUDWIG VON MISES (2008)
December 15, 2015
A great collection of essays, beginning with Planning for Freedom, discussing the differences between free market, interventionist and planned economies.
Displaying 1 - 11 of 11 reviews