Ludwig von Mises speaks about the political consequences of the welfare state. He begins by recounting the origin and semantics of the term welfare state. He then concentrates on how the interests of individual members of a legislature is not the welfare of the nation, but the welfare of its constituents. Mises believes the system of interventionist government leads to inflation. Delivered at the meeting of the Mont Pèlerin Society in Princeton, New Jersey, on September 9, 1958.

Ludwig von Mises speaks about the political consequences of the welfare state. He begins by recounting the origin and semantics of the term welfare state. He then concentrates on how the interests of individual members of a legislature is not the welfare of the nation, but the welfare of its constituents. Mises believes the system of interventionist government leads to inflation. Delivered at the meeting of the Mont Pèlerin Society in Princeton, New Jersey, on September 9, 1958.

The Political Consequences of the Welfare State

Ludwig von Mises discusses inflation, labor unions, and issues of the adoption of improper terminology and widespread public misinformation. Delivered at the ninth meeting of the Mont Pèlerin Society; Princeton, New Jersey; September 11, 1958. A transcript of this lecture is available here: Mises.org/wire/mises-adopt-keynesian-terminology-legitimize-it

Ludwig von Mises discusses inflation, labor unions, and issues of the adoption of improper terminology and widespread public misinformation. Delivered at the ninth meeting of the Mont Pèlerin Society; Princeton, New Jersey; September 11, 1958. A transcript of this lecture is available here: <a href="http://Mises.org/wire/mises-adopt-keynesian-terminology-legitimize-it" rel="nofollow" target="_blank">Mises.org/wire/mises-adopt-keynesian-terminology-legitimize-it</a>

Language and the Inflation Debates

Ron Paul alludes to this speech in his book End the Fed (pp. 51-52): Mises, at the time, was elderly but sharp. His subject was socialism, and his lecture explained why socialism always fails due to the absence of a free market pricing structure for capital goods... The lecture was held in a modest-sized classroom, but the place was overflowing. Popularizing Austrian economics at the time was in its very early stages, but it was obvious even then that there was a starvation for truth in economics. Presented at the University of Houston in 1972.

Ron Paul alludes to this speech in his book End the Fed (pp. 51-52): Mises, at the time, was elderly but sharp. His subject was socialism, and his lecture explained why socialism always fails due to the absence of a free market pricing structure for capital goods... The lecture was held in a modest-sized classroom, but the place was overflowing. Popularizing Austrian economics at the time was in its very early stages, but it was obvious even then that there was a starvation for truth in economics. Presented at the University of Houston in 1972.

Why Socialism Always Fails

Two important questions to be answered: (1) What is inflation? What causes it? What are the effects? Inflation is an increase in the quantity of money available caused by an increased in the production of gold and silver, or an over-issuance of paper money. Prices rise. Purchasing power falls. (2) Why should somebody hoard money? Cash-holding plays an important part in building capital. Every unit of capital is in some way dedicated to production. Owning cash is either a sound or an unsound investment, but it is always an investment. The two processes - increased cash holding and increased capital accumulation - take place side by side.Recorded March 26,1971. Special thanks to Bettina Bien Greaves for making this important recording available. [1:08:43]

Two important questions to be answered: (1) What is inflation? What causes it? What are the effects? Inflation is an increase in the quantity of money available caused by an increased in the production of gold and silver, or an over-issuance of paper money. Prices rise. Purchasing power falls. (2) Why should somebody hoard money? Cash-holding plays an important part in building capital. Every unit of capital is in some way dedicated to production. Owning cash is either a sound or an unsound investment, but it is always an investment. The two processes - increased cash holding and increased capital accumulation - take place side by side.Recorded March 26,1971. Special thanks to Bettina Bien Greaves for making this important recording available. [1:08:43]

Question and Answer Session

The monetary problem – the market problem – is the medium of exchange. The illusion is that one would be better off if only one had more money. Everybody should have more money. Therefore, make more money. This creates the system of inflation. This increase in the quantity of money brings about higher prices. Individuals are left with no real possibilities of acting.So, in truth, the medium of exchange (money) must, first of all, be restricted in quantity. Why gold? Gold is scarce. Its quantity cannot be easily increased by governments.Two models for society exist. One model is the absolute rule of one. All must obey. The totalitarian system produces order which is slavery.Another model is individuals acting by their own ideas. The market system produces exchanges and social cooperation through everybody voluntarily making choices.Recorded June 23,1970. Special thanks to Bettina Bien Greaves for making this important recording available. [1:00:53]

The monetary problem – the market problem – is the medium of exchange. The illusion is that one would be better off if only one had more money. Everybody should have more money. Therefore, make more money. This creates the system of inflation. This increase in the quantity of money brings about higher prices. Individuals are left with no real possibilities of acting.So, in truth, the medium of exchange (money) must, first of all, be restricted in quantity. Why gold? Gold is scarce. Its quantity cannot be easily increased by governments.Two models for society exist. One model is the absolute rule of one. All must obey. The totalitarian system produces order which is slavery.Another model is individuals acting by their own ideas. The market system produces exchanges and social cooperation through everybody voluntarily making choices.Recorded June 23,1970. Special thanks to Bettina Bien Greaves for making this important recording available. [1:00:53]

Monetary Problems

Human beings are collaborators with each other. Socialism is one kind of cooperation of people. One thing determines the socialist organization. It is the lack of freedom and the complete obedience to a Fuehrer (leader). Not surprisingly, everyone considers themselves to be part of the ruling group, forcing others to submit.But, the system of exchange of products and services has been helped by the technical creation of a medium of exchange. We now have a system of civilization that works better than any other– a free market capitalist system.Recorded at the University of Washington; May 2, 1970. [1:14:44]

Human beings are collaborators with each other. Socialism is one kind of cooperation of people. One thing determines the socialist organization. It is the lack of freedom and the complete obedience to a Fuehrer (leader). Not surprisingly, everyone considers themselves to be part of the ruling group, forcing others to submit.But, the system of exchange of products and services has been helped by the technical creation of a medium of exchange. We now have a system of civilization that works better than any other– a free market capitalist system.Recorded at the University of Washington; May 2, 1970. [1:14:44]

Socialism versus Free Market Exchange

Division of labor and an exchange economy are the basis of society. Various commodities competed for being money, but gold prevailed as the medium of exchange, without any interference by governmental authorities. We should have again a gold standard all over the world.When government increases the money supply it does not matter what the government does with the money. The increase alone dilutes the purchasing power of each unit of money, making everyone but first receivers worse off. Governments are in the position of destroying the monetary system. The quantity of money must be restricted.Recorded February 21,1970. Special thanks to Bettina Bien Greaves for making this important recording available. [1:03:15]

Division of labor and an exchange economy are the basis of society. Various commodities competed for being money, but gold prevailed as the medium of exchange, without any interference by governmental authorities. We should have again a gold standard all over the world.When government increases the money supply it does not matter what the government does with the money. The increase alone dilutes the purchasing power of each unit of money, making everyone but first receivers worse off. Governments are in the position of destroying the monetary system. The quantity of money must be restricted.Recorded February 21,1970. Special thanks to Bettina Bien Greaves for making this important recording available. [1:03:15]

The Free Market Society

From a practical point of view, the supply of money is very different from the supply of any other good. An increase in other goods, like shoes or meat, is a welcome event, but an increase in the supply of money dilutes the purchasing power of each money unit.The world laughs at the idea of gold as money, yet the only reason that paper money is favored by governments is that the government wants to spend more without openly taxing the people, so they run the printing press. Inflation is a vicious stealth tax. Such inflation happened in 1781 during the continental revolution. Inflation of money supplies has happened during all ages, even before printing. Coins were debased, adding lesser metals to those of higher value. Money must be something that cannot be increased by government.Recorded November 8,1969. Special thanks to Bettina Bien Greaves for making this important recording available. Note that this recording ends abruptly. [41:33]

From a practical point of view, the supply of money is very different from the supply of any other good. An increase in other goods, like shoes or meat, is a welcome event, but an increase in the supply of money dilutes the purchasing power of each money unit.The world laughs at the idea of gold as money, yet the only reason that paper money is favored by governments is that the government wants to spend more without openly taxing the people, so they run the printing press. Inflation is a vicious stealth tax. Such inflation happened in 1781 during the continental revolution. Inflation of money supplies has happened during all ages, even before printing. Coins were debased, adding lesser metals to those of higher value. Money must be something that cannot be increased by government.Recorded November 8,1969. Special thanks to Bettina Bien Greaves for making this important recording available. Note that this recording ends abruptly. [41:33]

A Seminar on Money

The doctrine in favor of the balance-of-payments is the worst illusory idea. Governmental interventions that seek to regulate international monetary flows to provide the necessary quantities of money for the economy are superfluous.In all cases, the undesired outflow of money can only be the result of a governmental intervention that endows differently valued monies with the same legal purchasing power. Mises' 1919 paper on Balance of Payments and Exchange Rates proved to be influential in turning Austrian monetary policy away from the path of hyperinflation before it was too late.Recorded May 1,1969. Special thanks to Bettina Bien Greaves for making this important recording available. Note that this recording ends abruptly. [1:16:55]

The doctrine in favor of the balance-of-payments is the worst illusory idea. Governmental interventions that seek to regulate international monetary flows to provide the necessary quantities of money for the economy are superfluous.In all cases, the undesired outflow of money can only be the result of a governmental intervention that endows differently valued monies with the same legal purchasing power. Mises' 1919 paper on Balance of Payments and Exchange Rates proved to be influential in turning Austrian monetary policy away from the path of hyperinflation before it was too late.Recorded May 1,1969. Special thanks to Bettina Bien Greaves for making this important recording available. Note that this recording ends abruptly. [1:16:55]

Balance of Payments

Human cooperation means that everybody tries to contribute to the improvement of human conditions. It is in the market that I give something in order that you give something. Exchange leads to higher standards of living. Voluntary exchanges create civilization.Inflation and unsound money destroy civilization. Changes in the purchasing power of money affect everybody.  They benefit some people and not others. Inflation brings about higher prices. Inflation harms the creditors who are the masses. The richer who own corporate stock have borrowed money and are the debtors who benefit by inflation.The quantity of money should not be manipulated by government.Recorded April 3,1969. Special thanks to Bettina Bien Greaves for making this important recording available. [1:17:06]

Human cooperation means that everybody tries to contribute to the improvement of human conditions. It is in the market that I give something in order that you give something. Exchange leads to higher standards of living. Voluntary exchanges create civilization.Inflation and unsound money destroy civilization. Changes in the purchasing power of money affect everybody.  They benefit some people and not others. Inflation brings about higher prices. Inflation harms the creditors who are the masses. The richer who own corporate stock have borrowed money and are the debtors who benefit by inflation.The quantity of money should not be manipulated by government.Recorded April 3,1969. Special thanks to Bettina Bien Greaves for making this important recording available. [1:17:06]

On Money

Only a few recordings survive of the great economist, and only those after his immigration to the United States.

The paramount matter is the conflict between economic freedom as represented in the market economy and totalitarian government omnipotence as realized by socialism.Economists for political affairs and socialists described themselves as of the left or the right based upon where they sat in Parliament.  What is the difference between fascism and communism? Barely anything. Both are systems of socialism. But, people are in favor of freedom.Recorded March 28,1969. Special thanks to Bettina Bien Greaves for making this important recording available. Note that this recording ends abruptly. [30:28]

The paramount matter is the conflict between economic freedom as represented in the market economy and totalitarian government omnipotence as realized by socialism.Economists for political affairs and socialists described themselves as of the left or the right based upon where they sat in Parliament.  What is the difference between fascism and communism? Barely anything. Both are systems of socialism. But, people are in favor of freedom.Recorded March 28,1969. Special thanks to Bettina Bien Greaves for making this important recording available. Note that this recording ends abruptly. [30:28]

Political Economy

Printed paper is the least fit to serve as money.  Paper destroys the monetary system. Various commodities have been employed until silver and gold and then gold alone won out because its quantity cannot be manipulated by the governments.Presented at FEE on 3 April 1968.Includes a portion of the Question and Answer period. [1:07:18]

Printed paper is the least fit to serve as money.  Paper destroys the monetary system. Various commodities have been employed until silver and gold and then gold alone won out because its quantity cannot be manipulated by the governments.Presented at FEE on 3 April 1968.Includes a portion of the Question and Answer period. [1:07:18]

The Problems of Inflation

Recorded on 10 May 1962, and aired on 17 May 1962 during the intermission of the U.S. Steel Concert Hour.  Mises had been asked to respond to the question: "Are the interests of the American wage earners in conflict with those of their employers, or are the two in agreement?" The affluence of the rich in a capitalistic economy is not at the expense of the poor. Profits are plowed back into enterprise, benefiting the common man. The typical American worker is also a saver and investor.This rare recording of Mises is made available through the generosity of Bettina Bien Greaves. [5:55]

Recorded on 10 May 1962, and aired on 17 May 1962 during the intermission of the U.S. Steel Concert Hour.  Mises had been asked to respond to the question: "Are the interests of the American wage earners in conflict with those of their employers, or are the two in agreement?" The affluence of the rich in a capitalistic economy is not at the expense of the poor. Profits are plowed back into enterprise, benefiting the common man. The typical American worker is also a saver and investor.This rare recording of Mises is made available through the generosity of Bettina Bien Greaves. [5:55]

Wage Earners and Employers

Private enterprise systems improve human cooperation and further peace and prosperity. Economic systems with which governments intervene are called liberal, or middle of the road economics. They declare they are not socialist. They say they wish to preserve market systems. But, is that possible? No. Nothing will be left of the free market. Capitalism and socialism cannot coexist. Step by step, interventionism erodes capitalism into some form of socialism. The clear distinction between production and government must be reestablished and left untouched.The inaugural lecture in the American School of Economics lecture series. Presented at New York University on 25 April 1962.Special thanks to Richard Ebeling for making the original reel-to-reel recording available.

Private enterprise systems improve human cooperation and further peace and prosperity. Economic systems with which governments intervene are called liberal, or middle of the road economics. They declare they are not socialist. They say they wish to preserve market systems. But, is that possible? No. Nothing will be left of the free market. Capitalism and socialism cannot coexist. Step by step, interventionism erodes capitalism into some form of socialism. The clear distinction between production and government must be reestablished and left untouched.The inaugural lecture in the American School of Economics lecture series. Presented at New York University on 25 April 1962.Special thanks to Richard Ebeling for making the original reel-to-reel recording available.

The Economics of the Middle-of-the-Road Policy

The private seminars that Mises held, and which were so successful in Vienna beginning in 1919, were actually separate from the University. Mises here remembers many of his seminar participants, like Hayek, Haberler, Schutz, and Machlup. He was glad to have contributed to the development of international cooperation among so many economists.Presented at New York University in 1962. [37:43]

The private seminars that Mises held, and which were so successful in Vienna beginning in 1919, were actually separate from the University. Mises here remembers many of his seminar participants, like Hayek, Haberler, Schutz, and Machlup. He was glad to have contributed to the development of international cooperation among so many economists.Presented at New York University in 1962. [37:43]

Recollections from the University of Vienna

Liberty or freedom was generally restricted to a minority of elites while ordinary people were serfs or slaves during pre-capitalistic systems. The capitalist way to wealth was to serve the consumer with better and cheaper products and services. Private property of the factors of production was the foundation of wealth creation. Production, saving, and investment were the keys to prosperity. The economic power of the buying public trumped the political power of the elites. Under socialism, freedom meant the elimination of any dissent. The socialist goal was bondage, not liberty. Society was the mutual exchange of services. Government is the negation of liberty. All government action is based upon the extraction of funds by force. The socialist regime is totalitarianism. In laissez-faire systems, market exchanges are based on voluntary actions by individuals, based upon private governing power rather than public government power. The case for capitalism and private property speaks for itself with improving standards of living. Delivered at the ninth meeting of the Mont Pelerin Society; Princeton, New Jersey; 9 September 1958.

Liberty or freedom was generally restricted to a minority of elites while ordinary people were serfs or slaves during pre-capitalistic systems. The capitalist way to wealth was to serve the consumer with better and cheaper products and services. Private property of the factors of production was the foundation of wealth creation. Production, saving, and investment were the keys to prosperity. The economic power of the buying public trumped the political power of the elites. Under socialism, freedom meant the elimination of any dissent. The socialist goal was bondage, not liberty. Society was the mutual exchange of services. Government is the negation of liberty. All government action is based upon the extraction of funds by force. The socialist regime is totalitarianism. In laissez-faire systems, market exchanges are based on voluntary actions by individuals, based upon private governing power rather than public government power. The case for capitalism and private property speaks for itself with improving standards of living. Delivered at the ninth meeting of the Mont Pelerin Society; Princeton, New Jersey; 9 September 1958.

Liberty and Property

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Ludwig von Mises Archives

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