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Ludwig von Mises: "We owe the origin and development of human society and, consequently, of culture and civilization, to the fact that work performed under the division of labor is more productive than when performed in isolation." - Epistemological Problems of Economics


Quotable MisesThis database of quotations from Mises was prepared for The Quotable Mises edited by Mark Thornton, available from the Mises Institute store for $20. Send corrections to the editor. Here is a source page on the editions of the books referenced.

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Top> Browse by subject: Business Cycles
AuthorQuoteSourcePageSubject
Ludwig von MisesThe ultimate cause, therefore, of the phenomenon of wave after wave of economic ups and downs is ideological in character. The cycles will not disappear so long as people believe that the rate of interest may be reduced, not through the accumulation of capital, but by banking policy.On the Manipulation of Money and Credit p. 139Business Cycles
Ludwig von MisesCredit expansion can bring about a temporary boom. But such a fictitious prosperity must end in a general depression of trade, a slump.Planned Chaos p. 21Business Cycles
Ludwig von MisesThe cyclical fluctuations of business are not an occurrence originating in the sphere of the unhampered market, but a product of government interference with business conditions designed to lower the rate of interest below the height at which the free market would have fixed it.Human Action p. 562; p. 565Business Cycles
Ludwig von MisesTrue, governments can reduce the rate of interest in the short run. They can issue additional paper money. They can open the way to credit expansion by the banks. They can thus create an artificial boom and the appearance of prosperity. But such a boom is bound to collapse soon or late and to bring about a depression.Omnipotent Government p. 251Business Cycles
Ludwig von MisesThe wavelike movement effecting the economic system, the recurrence of periods of boom which are followed by periods of depression is the unavoidable outcome of the attempts, repeated again and again, to lower the gross market rate of interest by means of credit expansion.Human Action p. 570; p. 572Business Cycles
Ludwig von MisesThe boom produces impoverishment. But still more disastrous are its moral ravages. It makes people despondent and dispirited. The more optimistic they were under the illusory prosperity of the boom, the greater is their despair and their feeling of frustration.Human Action p. 574; p. 576Business Cycles