Ludwig von Mises, Human Action, Quotes

A collection of quotes by Ludwig von Mises, Human Action, .

Ludwig von Mises was a prominent Austrian economist and one of the leading figures of the Austrian School of Economics. He was born in 1881 and is best known for his magnum opus, "Human Action", published in 1949. In this influential work, Mises outlined his comprehensive theory of economics, emphasizing the role of human action, individual choice, and the free market in determining economic outcomes. Mises' work continues to be highly regarded among economists, advocating for the principles of free markets, limited government intervention, and individual liberty.

Neither the entrepreneurs nor the farmers nor the capitalists determine what has to be produced. The consumers do that. If a businessman does not strictly obey the orders of the public as they are conveyed to him by the structure of market prices, he suffers losses, he goes bankrupt, and is thus removed from his eminent position at the helm. Other men who did better in satisfying the demand of the consumers replace him.The consumers patronize those shops in which they can buy what they want at the cheapest price. Their buying and their abstention from buying decides who should own and run the plants and the farms. They make poor people rich and rich people poor. They determine precisely what should be produced, in what quality, and in what quantities. They are merciless bosses, full of whims and fancies, changeable and unpredictable. For them nothing counts other than their own satisfaction. They do not care a whit for past merit and vested interests. If something is offered to them that they like better or that is cheaper, they desert their old purveyors. In their capacity as buyers and consumers they are hard-hearted and callous, without consideration for other people.http://www.mises.org/humanaction.asp

Ludwig von Mises, Human Action,

Consumerism