Prices Reflect Exchange Ratios

Prices, as Menger points out in his Grundsätze, emerge as an accidental phenomenon. They are not the essence of economic activity. Prices are fortuitous insofar as they are the unintended result of an economic exchange that has subjective evaluations as its basis. Prices do not determine the exchange, but rather the individual exchange valuations determine the limits within which a negotiated price in terms of exchange ratios will be agreed upon.

Pressure on the unvaccinated grows. While the vaccinated in some countries are getting back some of their freedoms taken away by the covid interventions, the unvaccinated are not so well off. They are being targeted for discrimination. Access to public spaces and traveling is being made more difficult for them. In some countries there is even mandatory vaccination for some professions.

The following interview of Ludwig von Mises was conducted in Lima, Peru, by La Prensa and published on January 4, 1950. Thanks to Cesar Usquiano for this translation.

During his stay in Peru, Professor Mises made some statements that we will see below.

Our first question, in the interview Mr. Ludwig von Mises gave us yesterday, referred to the suspension of Exchange Control, established in the country by Decree Law No. 11208.

A trope of contemporary social commentary is that “science” has somehow become “politicized,” such that people no longer trust or believe what is presented as the scientific consensus on important social, political, and economic issues.