Ludwig von Mises Archives

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Other Schools of ThoughtPhilosophy and Methodology

Mises explained why socialism always fails due to the absence of a free market pricing structure for capital goods. Presented in 1971, Ron Paul alludes to this speech in his book End the Fed.
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Question and Answer Session

Austrian Economics Overview

Two important questions to be answered: (1) What is inflation? What causes it? What are the effects? Inflation is an increase in the quantity of money available caused by an increased in the production of gold and silver, or an over-issuance of paper money. Prices rise. Purchasing power falls.
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Monetary Problems

Austrian Economics OverviewMonetary TheoryPhilosophy and Methodology

The monetary problem – the market problem – is the medium of exchange. The illusion is that one would be better off if only one had more money. Everybody should have more money. Therefore, make more money. This creates the system of inflation.
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Socialism versus Free Market Exchange

World HistoryAustrian Economics OverviewCalculation and KnowledgePhilosophy and MethodologyPolitical Theory

Human beings are collaborators with each other. Socialism is one kind of cooperation of people. One thing determines the socialist organization. It is the lack of freedom and the complete obedience to a Fuehrer (leader). Not surprisingly, everyone considers themselves to be part of the ruling group...
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The Free Market Society

Free MarketsAustrian Economics Overview

Division of labor and an exchange economy are the basis of society. Various commodities competed for being money, but gold prevailed as the medium of exchange, without any interference by governmental authorities. We should have again a gold standard all over the world.
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A Seminar on Money

Money and BanksAustrian Economics OverviewMoney and Banking

From a practical point of view, the supply of money is very different from the supply of any other good. An increase in other goods, like shoes or meat, is a welcome event, but an increase in the supply of money dilutes the purchasing power of each money unit.
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Balance of Payments

Money and BanksAustrian Economics OverviewValue and Exchange

The doctrine in favor of the balance-of- payments is the worst illusory idea. Governmental interventions that seek to regulate international monetary flows to provide the necessary quantities of money for the economy are superfluous.
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On Money

Money and BanksAustrian Economics OverviewMoney and BankingValue and Exchange

Human cooperation means that everybody tries to contribute to the improvement of human conditions. It is in the market that I give something in order that you give something. Exchange leads to higher standards of living. Voluntary exchanges create civilization.
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Political Economy

Philosophy and MethodologyPolitical Theory

The paramount matter is the conflict between economic freedom as represented in the market economy and totalitarian government omnipotence as realized by socialism.
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The Problems of Inflation

History of the Austrian School of EconomicsPhilosophy and MethodologyValue and Exchange

Printed paper is the least fit to serve as money. Paper destroys the monetary system. Various commodities have been employed until silver and gold and then gold alone won out because its quantity cannot be manipulated by the governments.
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