Ludwig von Mises on Money and Inflation.pdf - The Ludwig von ...

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CHAPTER ONE Human Cooperation Human cooperation is different from the activities that took place under prehuman conditions in the animal kingdom and among isolated persons or groups during the primitive ages. e specific human faculty that distinguishes man from animal is cooperation. Men cooperate. at means that, in their activities, they anticipate that activities on the part of other people will accomplish certain things in order to bring about the results they are aiming at with their own work. e market is that state of affairs under which I am giving something to you in order to receive something from you. I don’t know how many of you have some inkling, or idea, of the Latin language, but in a Latin pronouncement 2,000 years ago already, there was the best description of the market—do ut des—I give in order that you should give. I contribute something in order that you should contribute something else. Out of this there developed human society, the market, peaceful cooperation of individuals. Social cooperation means the division of labor. e various members, the various individuals, in a society do not live their own lives without any reference or connection with other individuals. anks to the division of labor, we are connected with others by working for them and by receiving and consuming what others have produced for us. As a result, we have an exchange economy which consists in the cooperation of many individuals. Everybody produces, not only for himself alone, but for other people in the expectation that these other people will produce for him. is system requires acts of exchange. e peaceful cooperation, the peaceful achievements of men are effected on the market. Cooperation necessarily means that people are ex- 1
changing services and goods, the products of services. ese exchanges bring about the market. e market is precisely the freedom of people to produce, to consume, to determine what has to be produced, in whatever quantity, in whatever quality, and to whomever these products are to go. Such a free system without a market is impossible; such a free system is the market. We have the idea that the institutions of men are either (1) the market, exchange between individuals, or (2) the government, an institution which, in the minds of the many people, is something superior to the market and could exist in the absence of the market. e truth is that the government—that is the recourse to violence, necessarily the recourse to violence—cannot produce anything. Everything that is produced is produced by the activities of individuals and is used on the market in order to receive something in exchange for it. It is important to remember that everything that is done, everything that man has done, everything that society does, is the result of such voluntary cooperation and agreements. Social cooperation among men—and this means the market—is what brings about civilization and it is what has brought about all the improvements in human conditions we are enjoying today. 2
Page 2 and 3: LUDWIG VON MISES ON MONEY AND INFLA
Page 4 and 5: Copyright © 2010 by the Lu
Page 6 and 7: 14 Two Monetary Problems 59 15 Defi
Page 10 and 11: CHAPTER TWO e Medium of Exchange—
Page 12 and 13: CHAPTER THREE e Role of the Courts
Page 14 and 15: from resorting to violence. Now, vi
Page 16 and 17: the power to call non-potatoes “p
Page 18 and 19: CHAPTER FOUR Gold as Money Now, we
Page 20 and 21: accepted, is that an increase in th
Page 22 and 23: know; it reduced the ratio of gold
Page 24 and 25: CHAPTER FIVE Gold Inflation e gold
Page 26 and 27: such a government to increase the q
Page 28 and 29: CHAPTER SIX Inflation e first rule,
Page 30 and 31: the fact that these countries will
Page 32 and 33: of view of clear fine theories, thi
Page 34 and 35: When the prices of the products whi
Page 36 and 37: ment spends also billions of tax mo
Page 38 and 39: But when he reached his sixtieth bi
Page 40 and 41: CHAPTER EIGHT Inflation and Governm
Page 42 and 43: wanted milk to be more readily avai
Page 44 and 45: CHAPTER NINE Money, Inflation, and
Page 46 and 47: have been in a position to deliver
Page 48 and 49: Germany went to war, the government
Page 50 and 51: constitutional law, that is whether
Page 52 and 53: ery inter-human relation by undermi
Page 54 and 55: servative way with the forests whic
Page 56 and 57: man newspaper with regard to econom
Page 58 and 59:
CHAPTER TWELVE Currency Debasement
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market has been preserved because o
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However, these inflationary methods
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and, therefore, impairing their con
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CHAPTER FOURTEEN Two Monetary Probl
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money What is the effect of governm
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was wonderful! It was considered so
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sures.” ey have invented many oth
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est. In fact the only thing that is
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CHAPTER SEVENTEEN Balance of Paymen
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ties abroad—in France champagne a
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French producers of wine. And the p
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CHAPTER EIGHTEEN Inter-bank Liquidi
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ate in order to stop the withdrawal
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per gold is something which the gov
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tants would have to use other figur
Page 90 and 91:
CHAPTER TWENTY Conclusion We must r
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a very popular expenditure on the e
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