Mises Daily

"The black market in information is simply individuals cooperating in order to manipulate their own private property."

"Gentlemen, you are piling up a heritage of conflict and litigation over water rights, for there is not sufficient water to supply the land." – John Wesley Powell

Setting your entire production structure on the whims and fancies of bureaucrats and politicians, based upon central-planning diktat quickly leads to economic chaos.

"Jefferson described the new judicial establishment as 'a parasitical plant engrafted at the last session on the judiciary body'."

Lucidly and unflinchingly he shows it to be the only system consonant with individual freedom and personal autonomy, as well as with modern industrialized society.

"The point of employment is not just jobs: it is productive and economically viable jobs."

"It's pointless to try to wade hip-deep into DeLong's calculations, because they are meaningless."

If laws or business customs force the employer to make other expenditures besides the wages he pays to the employee, the take-home wages are reduced accordingly. Such accessory expenditures do not affect the gross rate of wages.

Naturally, given Mises's emphasis on the centrality of the division of labor to the maintenance and progress of civilization, he is particularly outspoken regarding the evils of aggressive war, which on top of its physical and human toll brings about the progressive impoverishment of mankind by its radical disruption of a harmonious structure of production that spans the entire globe.

The idea of final utility is to the expert the open sesame, as it were, by which he unlocks the most complicated phenomena of economic life and solves the hardest problems of the science.