"The mistake in the argument of those who suppose that a variation in the quantity of money results in an inversely proportionate variation in its purchasing power lies in its starting-point. If we wish to arrive at a correct conclusion, we must start with the valuations of separate individuals; we must examine the way in which an increase or decrease in the quantity of money affects the value-scales of individuals, for it is from these alone that variations in the exchange-ratios of goods proceed."

Economics, Analysis, Logic, Theory

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"The mistake in the argument of those who suppose that a variation in the quantity of money results in an inversely proportionate variation in its purchasing power lies in its starting-point. If we wish to arrive at a correct conclusion, we must start with the valuations of separate individuals; we must examine the way in which an increase or decrease in the quantity of money affects the value-scales of individuals, for it is from these alone that variations in the exchange-ratios of goods proceed."

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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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"The attainment of the economic aims of man presupposes peace."

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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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"Manufacturing and commercial monopolies owe their origin not to a tendency imminent in a capitalist economy but to governmental interventionist policy directed against free trade and laissez faire."

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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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