wage earners, who frequently did all they could to sabotage the adoption of those innovations that render their life more agreeable. How uneasy an American worker to his own decisions. Whether such a system of social security is a good or a bad policy is essentially a political problem. One may try to justify it by declaring
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
does not teach the authorities that price control is futile and that the best policy would be to refrain from any endeavors to control prices, it becomes necessary and wage rates which is the inevitable consequence of inflation. This semantic innovation is by no means harmless. First of all, there is no longer any term
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
of any particular kind being regarded as interchangeable. The next step after the innovation of classified money was the development of the parallel standard. This of money has become a common medium of exchange in commerce generally. A monetary policy can never be carried out merely by legislative means, by an alteration in the
of their funds who are ready to provide the capital required for any reasonable innovations. The public is always eager to buy what is better or cheaper or better would have long since wiped out these pockets of backwardness if the unfortunate policies of the New Deal had not slowed down the accumulation of capital, the
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.