Tuesday, February 06, 2007

Mises' magnum opus: Human Action

"It is impossible to understand the history of economic thought if one does not pay attention to the fact that economics as such is a challenge to the conceit of those in power.

An economist can never be a favorite of autocrats and demagogues. With them he is always the mischief-maker, and the more they are inwardly convinced that his objections are well-founded, the more they hate him."

-- Ludwig von Mises -(1881-1973) Economist and social philosopher
Source: Human Action. A Treatise on Economics (1949), Third Revised Edition (San Francisco: Fox & Wilkes, 1963), p. 67

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