Chapter 14 The Hampered Market Economy
Planning for Freedom and Sixteen Other Essays and Addresses
“Middle-of-the-Road Policy Leads to Socialism”
Chapter 15 Price Controls
Economic Policy: Thoughts for Tomorrow and Today
“Interventionism”
Chapter 12 The Business Cycle
Interventionism: An Economic Analysis
2. Credit Expansion
It is a fundamental fact of human behavior that people value present goods higher than future goods. An apple available for immediate consumption is valued higher than an apple which will be available next year.
Chapter 13 Labor Productivity, Wages, and Unemployment
Planning for Freedom and Sixteen Other Essays and Addresses
“Wages, Unemployment and Inflation”
Chapter 10 Time and Time Preference
Human Action
1. Perspective in the Valuation of Time Periods
Acting man distinguishes the time before satisfaction of a want is attained and the time for which the satisfaction continues.
Chapter 11 The Interest Rate
Human Action
1. The Phenomenon of Interest
It has been shown that time preference is a category inherent in every human action. Time preference manifests itself in the phenomenon of originary interest, i.e., the discount of future goods as against present goods.
Why are the dollar bills in people’s pockets worth anything? According to some experts, the dollar bills carry value because the government in power says so. Other experts are of the view it is because people are willing to accept it as payment.
To say that the value of money is on account of the government or on account of social convention is to say very little. In fact, what experts are saying is that money has value because it is accepted, and why is it accepted? … Because it is accepted!
Chapter 8 The Nature of Money
Money, Method, and the Market Process
“The Position of Money among Economic Goods”
Chapter 9 Monetary Theory and Policy
Selected Writings of Ludwig von Mises
“The Main Issues in Present-Day Monetary Controversies”
Introductory Remarks
Chapter 6 Economic Calculation
Economic Calculation in the Socialist Commonwealth
2. The Nature of Economic Calculation
Every man who, in the course of economic life, takes a choice between the satisfaction of one need as against another, eo ipso makes a judgment of value.
