“The luxury of today is the necessity of tomorrow. Every advance first comes into being as the luxury of a few rich people, only to become, after a time, an indispensable necessity taken for granted by everyone. Luxury consumption provides industry with the stimulus to discover and introduce new, things. It is one of the dynamic factors in our economy. To it we owe the progressive innovations by which the standard of living of all strata of the population has been gradually raised.”
Quote by Ludwig von Mises
Work
Liberalism: The Classical Tradition: The Economist
This book delves into the origins and principles of classical liberalism, offering an in-depth analysis of its historical development and philosophical underpinnings. Written by The Economist, it provides a detailed examination of the key concepts and ideas that have shaped this political and economic ideology. more
Author
Ludwig von Mises
Ludwig von Mises was a prominent economist, philosopher, and social theorist born on September 29, 1881, in Austria, and passed away on October 10, 1973. He is considered one of the most influential economists of the 20th century and a leading advocate for free-market economics. more
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