Ludwig von Mises
Full Name and Common Aliases
Ludwig Heinrich Edler von Mises, commonly known as Ludwig von Mises, was a towering figure in the field of economics. His work has left an indelible mark on economic theory and policy, making him a frequently quoted and highly respected figure in the realms of economics and political philosophy.
Birth and Death Dates
Ludwig von Mises was born on September 29, 1881, in Lemberg, Austria-Hungary (now Lviv, Ukraine), and passed away on October 10, 1973, in New York City, USA.
Nationality and Profession(s)
Ludwig von Mises was an Austrian-American economist and social philosopher. He is best known for his contributions to the Austrian School of economic thought, a school that emphasizes the spontaneous organizing power of the price mechanism and the importance of individual choice.
Early Life and Background
Ludwig von Mises was born into a prominent Jewish family in the Austro-Hungarian Empire. His father, Arthur Edler von Mises, was a successful construction engineer, which provided Ludwig with a comfortable upbringing. Mises showed an early aptitude for academics, particularly in the fields of history and economics. He attended the University of Vienna, where he studied under the tutelage of prominent economists such as Carl Menger and Eugen von Böhm-Bawerk. This education laid the foundation for his lifelong dedication to economic theory and policy.
Major Accomplishments
Mises's career was marked by significant contributions to economic theory, particularly in the areas of praxeology, the study of human action, and the critique of socialism. One of his most notable accomplishments was his development of the economic calculation problem, which argued that socialism was inherently flawed due to its inability to perform economic calculations without a price system. This argument was pivotal in the intellectual debates of the 20th century and remains influential today.
Notable Works or Actions
Ludwig von Mises authored several seminal works that have become cornerstones of economic literature. His book "Human Action: A Treatise on Economics" is considered his magnum opus, providing a comprehensive exposition of his economic theories. Other notable works include "Socialism: An Economic and Sociological Analysis", where he critiques the feasibility of socialist economies, and "The Theory of Money and Credit", which explores the role of money in the economy. Mises was also a key figure in the establishment of the Mont Pelerin Society, an international organization dedicated to the study and promotion of classical liberalism.
Impact and Legacy
Ludwig von Mises's impact on economics and political thought is profound and enduring. His rigorous defense of free-market capitalism and his critique of government intervention have influenced generations of economists, policymakers, and thinkers. Mises's ideas laid the groundwork for the modern libertarian movement and have been instrumental in the revival of classical liberalism in the late 20th century. His students, including Nobel laureate Friedrich Hayek, further propagated his ideas, ensuring that his legacy would continue to shape economic discourse long after his death.
Why They Are Widely Quoted or Remembered
Ludwig von Mises is widely quoted and remembered for his unwavering commitment to the principles of individual liberty and free markets. His incisive critiques of socialism and interventionism resonate with those who advocate for limited government and personal freedom. Mises's ability to articulate complex economic concepts in a clear and compelling manner has made his work accessible to both scholars and laypeople alike. His quotes often encapsulate profound insights into the nature of human action, the role of government, and the importance of economic freedom, making them enduringly relevant in discussions about economic policy and philosophy.
In summary, Ludwig von Mises's contributions to economic thought and his steadfast advocacy for free-market principles have cemented his place as one of the most influential economists of the 20th century. His work continues to inspire and inform debates on economic policy and individual liberty, ensuring that his legacy will endure for generations to come.
Quotes by Ludwig von Mises
Ludwig von Mises's insights on:
There is no more dangerous menace to civilization than a government of incompetent, corrupt, or vile men.
It is important to remember that government interference always means either violent action or the threat of such action. Government is in the last resort the employment of armed men, of policemen, gendarmes, soldiers, prison guards, and hangmen. The essential feature of government is the enforcement of its decrees by beating, killing, and imprisoning. Those who are asking for more government interference are asking ultimately for more compulsion and less freedom.
A new type of superstition has got hold of people's minds, the worship of the state.
It is a rule of law alone which hinders the rulers from turning themselves into the worst gangsters.
War can really cause no economic boom, at least not directly, since an increase in wealth never does result from the destruction of goods.
If one rejects laissez faire on account of man's fallibility and moral weakness, one must for the same reason also reject every kind of government action.
Socialism is not an alternative to capitalism it is an alternative to any system under which men can live as human beings.
Society has arisen out of the works of peace; the essence of society is peacemaking.
By ‘the objective exchange-value of money’ we are accordingly to understand the possibility of obtaining a certain quantity of other economic goods in exchange for a given quantity of money; and by ‘the price of money’ this actual quantity of other goods.
The oldest and most popular instrument of etatistic monetary policy is the official fixing of maximum prices. High prices, thinks the etatist, are not a consequence of an increase in the quantity of money, but a consequence of reprehensible activity on the part of ‘bulls’ and ‘profiteers’; it will suffice to suppress their machinations in order to ensure the cessation of the rise of prices. Thus it is made a punishable offence to demand, or even to pay, ‘excessive’ prices.