"If the objective exchange-value of money must always be linked with a pre-existing market exchange-ratio between money and other economic goods (since otherwise individuals would not be in a position to estimate the value of the money), it follows that an object cannot be used as money unless, at the moment when its use as money begins, it already possesses an objective exchange-value based on some other use."

Finance, Economics, Money, Values, Market

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"If the objective exchange-value of money must always be linked with a pre-existing market exchange-ratio between money and other economic goods (since otherwise individuals would not be in a position to estimate the value of the money), it follows that an object cannot be used as money unless, at the moment when its use as money begins, it already possesses an objective exchange-value based on some other use."

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Explore more quotes by Ludwig von Mises

"War prosperity is like the prosperity that an earthquake or a plague brings."

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"If some peoples pretend that history or geography gives them the right to subjugate other races, nations, or peoples, there can be no peace."

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"Human civilization is not something achieved against nature; it is rather the outcome of the working of the innate qualities of man."

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"War... is harmful, not only to the conquered but to the conqueror."

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"Only one thing can conquer war - that attitude of mind which can see nothing in war but destruction and annihilation."

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"The root of the evil is not the construction of new, more dreadful weapons. It is the spirit of conquest."

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"Whoever wishes peace among peoples must fight statism."

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