by public opinion. In the market economy the realization of technological innovations does not require anything more than the cognizance of their new products. But it is different in the field of social organization and economic policies. Here the best theories are useless if not supported by public opinion. They is thought, done and accomplished is a performance of individuals. New ideas and innovations are always an achievement of uncommon men. But these great men cannot
literature and of the ideas that guided for centuries the monetary and credit policies of the nations reveals that this opinion is almost generally accepted. In from the fall in the prices of goods already produced and available. Creative innovations, new investments, and the application of improved technological methods satisfaction at the lowest costs. Such observations are certainly not a plea for a policy of deflation. They imply merely a refutation of the ineradicable inflationist
of their criticism. From day to day they become more cumbersome and less open to innovations. The selection of personnel for executive positions is no longer made on the losses that could result, under certain circumstances, from his business policy, his conduct of affairs could all too easily be disposed to run risks that them to take into account factors that, if they were free to determine their policies for themselves, would be far from playing any role whatsoever in the conduct
What is the Mises Institute?
The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.