The idea that political freedom can be preserved in the absence of economic freedom, and vice versa, is an illusion. Political freedom is the corollary of economic freedom.
Ludwig Von MisesRead
It is inherent in the nature of the capitalistic economy that, in the final analysis, the employment of the factors of production is aimed only toward serving the wishes of consumers.
Interpretation
In capitalism, the ultimate goal of production is to satisfy consumer desires.
Ludwig Von Mises emphasizes that in a capitalist economy, all resources and factors of production are utilized primarily to fulfill the demands and preferences of consumers. This underscores the foundational principle that economic activities are directed toward serving the needs and wishes of individuals, highlighting the consumer's role in shaping production and market strategies.
In practice
In a business seminar discussing market strategies.
The idea that political freedom can be preserved in the absence of economic freedom, and vice versa, is an illusion. Political freedom is the corollary of economic freedom.
Wars of aggression are popular nowadays with those nations convinced that only victory and conquest could improve their material well-being.
Only stilted pedants can conceive the idea that there are absolute norms to tell what is beautiful and what is not. They try to derive from the works of the past a code of rules with which, as they fancy, the writers and artists of the future should comply. But the genius does not cooperate with the pundit.
The most serious dangers for American freedom and the American way of life do not come from without.
The public firm can nowhere maintain itself in free competition with the private firm; it is possible today only where it has a monopoly that excludes competition. Even that alone is evidence of its lesser economic productivity.
Each epoch has found in the Gospels what it sought to find there, and has overlooked what it wished to overlook.
Today, if you look at financial systems around the globe, more than half the population of the world - out of six billion people, more than three billion - do not qualify to take out a loan from a bank. This is a shame.
Bailing out every bank that fails makes the system riskier, not safer.
Economics has been incurably growth-oriented and addicted to everybody growing richer, even at the cost of exhaustion of resources and pollution of the environment.
The real tragedy of minimum wage laws is that they are supported by well-meaning groups who want to reduce poverty. But the people who are hurt most by higher minimums are the most poverty stricken.
There can be no rise in the value of labour without a fall of profits.
Mere inflation-that is, the mere issuance of more money, with the consequence of higher wages and prices-may look like the creation of more demand. But in terms of the actual production and exchange of real things it is not.
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