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Quote by Ludwig von Mises

“The illusiveness of this concept of national income is to be seen in its dependence on changes in the purchasing power of the monetary unit. The more inflation progresses, the higher rises the national income.”

Quote by Ludwig von Mises

Book:The Ultimate Foundation of Economic Science: An Essay on Method

Work

The Ultimate Foundation of Economic Science: An Essay on Method

The Ultimate Foundation of Economic Science is a comprehensive treatise that examines the core concepts and methodologies of economics. The author critically analyzes the historical development of economic thought and offers insights into the logical structure and empirical basis of economic theories. 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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“Money is an instrumentality of the profit motive and must be issued and backed only by private enterprisers. Economic and political perversities are inescapable while government is admitted to money power. Since all national governments have, up to the present, been money issuing powers we may justly attribute all the economic and political ills of mankind to this single error.”

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“When government is invested with money power it rises above the citizen and under the profession of protecting him may actually constitute the greatest threat to his well-being and safety. The power which control of the money system gives to government to interfere in and direct and even take the life of the individual should not exist on this earth. No man or group of men is warranted in holding this terrible power over fellow men.”

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“Money power means budget power and it is folly to imagine that the citizen can control government unless he can control its budget.”

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“As long as we cling to the superstition that we must look to government for money supply, instead of requiring it to look to us, just so long must we remain the subjects of government and it is vain to follow this or that policy or party or ism in the hope of salvation. We can control government and our own destiny only through our money power and until we exert that power it is useless for us to debate the pros and cons of political programs.”

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“Money can be issued only in the act of buying, and can be backed only in the act of selling. Any buyer who is also a seller is qualified to be a money issuer. Government, because it is not and should not be a seller, is not qualified to be a money issuer.”

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“As has been stated, the purpose of money is to split barter into two parts so that the seller is free to find his source of supply later and elsewhere. This is the sole purpose of money. Any effort to use money to serve another purpose is perversive; and this statement condemns the entire managed money philosophy.”

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