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Ludwig von Mises: "Under capitalism everybody is the architect of his own fortune." - Bureaucracy

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: Economic Calculation
Ludwig von MisesMonetary calculation and cost accounting constitute the most important intellectual tool of the capitalist entrepreneur, and it was no one less than Goethe who pronounced the system of double-entry bookkeeping one of the finest inventions of the human mind.Liberalism p. 97Economic Calculation
Ludwig von MisesAccountancy is not perfect. The precision of its statements is only illusory. The valuations of goods and rights with which it deals are always based on estimates depending on more or less uncertain and unknown factors.The Theory of Money and Credit p. 234Economic Calculation
Ludwig von MisesThe elaborate methods of modern bookkeeping, accountancy, and business statistics provide the enterpriser with a faithful image of all his operations. He is in a position to learn how successful or unsuccessful every one of his transactions was.Bureaucracy p. 32Economic Calculation
Ludwig von MisesWhat economic calculation requires is a monetary system whose functioning is not sabotaged by government interference.Human Action p. 225; pp. 223-24Economic Calculation
Ludwig von MisesThe endeavors to expand the quantity of money in circulation either in order to increase the governments capacity to spend or in order to bring about a temporary lowering of the rate of interest disintegrate all currency matters and derange economic calculation.Human Action p. 225; p. 224Economic Calculation
Ludwig von MisesAdmittedly, monetary calculation has its inconveniences and serious defects, but we have certainly nothing better to put in its place, and for the practical purposes of life monetary calculation as it exists under a sound monetary system always suffices.Economic Calculation in the Socialist Commonwealth p. 25Economic Calculation
Ludwig von MisesEconomic calculation can only take place by means of money prices established in the market for production goods in a society resting on private property in the means of production.Socialism p. 123Economic Calculation
Ludwig von MisesWithout the aid of monetary calculation, bookkeeping, and the computation of profit and loss in terms of money, technology would have had to confine itself to the simplest, and therefore the least productive, methods.Epistemological Problems of Economics p. 157Economic Calculation
Ludwig von MisesMonetary calculation is not the calculation, and certainly not the measurement, of value. Its basis is the comparison of the more important and the less important. It is an ordering according to rank, an act of grading, and not an act of measuring.Epistemological Problems of Economics p. 160Economic Calculation
Ludwig von MisesEconomic calculation makes it possible for business to adjust production to the demands of the consumers. Bureaucracyp. 28Economic Calculation