Ludwig von Mises Quotes
Capital does not 'beget profit' as Marx thought. The capital goods as such are dead things that in themselves do not accomplish anything. If they are utilized according to a good idea, profit results. If they are utilized according to a mistaken idea, no profit or losses result. It is the entrepreneurial decision that creates either profit or loss.
Citations
Mises, Ludwig von. Planning for Freedom, and Other Essays and Addresses. Libertarian Press, 1952.
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Ludwig Heinrich Edler von Mises was an Austrian School economist, historian, logician and sociologist. Mises wrote and lectured extensively on the societal contributions of classical liberalism. He is best known for his work on praxeology, a study of human choice and action.