Mises Daily

As flaws in the system of fractional-reserve free banking began to appear, private central bank-like institutions known as clearinghouses sprang up, and they helped pave the way for the Fed.

Each physical unit of a means that enters into human action is valued separately.

Mises wrote this essay in 1940 from Geneva, where he lived after Nazis forced him out of Austria and his apartment was ransacked by German troops.

The envious are not satisfied with equality; they secretly yearn for superiority and revenge.

The price system performs the crucial function of transmitting knowledge throughout the society and thereby eliminates the need for bureaucracy.

Modern Monetary Theory (MMT) is a hip economic/financial paradigm apparently sweeping a world unsatisfied with mainstream economics.

The only real solution to negative-attack politics is to reduce the power and scope of government over our lives.

The socialist and anti-liberal movements we now face comes to use from intellectuals, aristocrats, and other elites. The "proletariat" has had no role in devising the movements we're told serve the interests of "the people."

No such thing as a "natural" monopoly has ever existed. In real life, so-called "public utilities" faced frequent competition, so they secured government monopolies to destroy the competition and invented the myths to rationalize their monopoly power.

The growth of statistics, often developed originally for its own sake, ends by multiplying the avenues of government intervention and planning.