Quotes About Market

The Welfare State is merely a method for transforming the market economy step by step into socialism.

There is not the slightest analogy between playing games and the conduct of business within a market society. The card player wins money by outsmarting his antagonist. The businessman makes money by supplying customers with goods they want to acquire.

The issue is always the same: the government or the market. There is no third solution.

If any of the socialist chiefs had tried to earn his living by selling hot dogs, he would have learned something about the sovereignty of the consumers.

The lord of production is the consumer

Catallactics does not ask whether or not the consumers are right, noble, generous, wise, moral, patriotic, or church-going. It is concerned not with why they act, but only with how they act.

The moneyprice of any commodity in any place, under the assumption of completely unrestricted exchange and disregarding the differences arising from the time taken in transit, must be the same as the price at any other place, augmented or diminished by the money-cost of transport.

Once an exchange-ratio between money and commodities has been established in the market, it continues to exercise an influence beyond the period during which it is maintained; it provides the basis for the further valuation of money. Thus the past objective exchange-value of money has a certain significance for its present and future valuation. The money-prices of to-day are linked with those of yesterday and before, and with those of to-morrow and after.

The function of money is to facilitate the business of the market by acting as a common medium of exchange.

The attempt to restrain prices within limits has to be given up. A government that sets out to abolish market prices is inevitably driven towards the abolition of private property.

The State does not govern the market; in the market in which products are exchanged it may quite possibly be a powerful party, but nevertheless it is only one party of many, nothing more than that. All its attempts to transform the exchange-ratios between economic goods that are determined in the market can only be undertaken with the instruments of the market.

They did not suffer shipwreck because the entrepreneurs were not public-spirited, as the socialist-etatistic legend has it. They were bound to fail because the economic organization based upon division of labour and private property in the means of production can function only so long as price-determination in the market is free.

One must rather ask how much could be produced if competition among producers were abolished.

Speculation does not determine prices; it has to accept the prices that are determined in the market. I ts efforts are directed to correctly estimating future price-situations, and to acting accordingly. The influence of speculation cannot alter the average level of prices over a given period; what it can do is to diminish the gap between the highest and the lowest prices.

By 'the objective exchange-value of money' we are accordingly to understand the possibility of obtaining a certain quantity of other economic goods in exchange for a given quantity of money; and by 'the price of money' this actual quantity of other goods.

For when the Law of Price declares that a good actually commands a particular price, and explains why it does so, it of course implies that the good is able to command this price, and explains why it is able to do so. The Law of Price comprehends the Law of Exchange-Value.

Under bilateral competition, market-price is determined within a range whose upper limit is set by the valuations of the lowest bidder among the actual buyers and the highest offerer among the excluded would-be sellers, and whose lower limit is set by the valuations of the lowest offerer among the actual sellers and the highest bidder among the excluded would-be buyers.

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.

Mises showed that the end of private property would mean the end to economic rationality.

Prices change slowly because the subjective valuations of human beings change slowly.

If rapid and erratic variations in prices were usually encountered in the market, the conception of objective exchange-value would not have attained the significance that it is actually accorded both by consumer and producer.

inertia of prices

Coloro che combattono per la libera concorrenza non difendono gli interessi di quelli che sono ricchi. Vogliono che sia lasciata mano libera a uomini sconosciuti, che saranno gli imprenditori di domani e la cui ingegnosità renderà più piacevole la vita delle generazioni future.

the fundamental problem of the value of money.