The doctrine of the importance of hoards for stabilizing the objective exchange-value of money has gradually lost its adherents with the passing of time. Nowadays its supporters are few.
Ludwig von Mises, The Theory of Money and Credit
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Other quotes of Ludwig von Mises, The Theory of Money and Credit
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 agents of etatism have certainly not been lacking in zeal and energy. But, for all this, economic affairs cannot be kept going by magistrates and policemen.
Inflationism is that monetary policy that seeks to increase the quantity of money.
Naive inflationism demands an increase in the quantity of money without suspecting that this will diminish the purchasing power of the money.
Inflation made it possible to divert the fury of the people to 'speculators' and 'profiteers'. Thus it proved itself an excellent psychological resource of the destructive and annihilist war policy.
The exchange-value of money is the anticipated use-value of the things that can be obtained with it.
The function of money is to facilitate the business of the market by acting as a common medium of exchange.
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