Ludwig von Mises

Date of Birth: September 29, 1881

Zodiac Sign: Libra

Date of Death: October 10, 1973

Biography

Ludwig von Mises was an influential Austrian economist, born on September 29, 1881, in Lemberg, Austria-Hungary (now Lviv, Ukraine). He is best known for his work in the Austrian School of economic thought, particularly his contributions to the theory of money and economic calculation under socialism. Mises completed his doctoral studies at the University of Vienna in 1906 and subsequently worked as an economic advisor, professor, and prolific writer. Mises’ magnum opus, “Human Action: A Treatise on Economics,” was published in 1949 and remains a cornerstone of free-market economics. In his lifetime, Mises held academic positions in Europe and the United States, including a long tenure at New York University. He was a staunch advocate for economic liberalism, individual liberty, and the importance of free markets.

5 Interesting Facts about Ludwig von Mises

1. Ludwig von Mises fled Nazi-occupied Vienna in 1940, eventually settling in the United States where he continued his academic career.

2. He was a mentor to several other prominent economists, including Friedrich Hayek and Murray Rothbard.

3. Mises was a critic of both socialism and interventionist economic policies, arguing that they were incompatible with a functioning economy.

4. His work “The Theory of Money and Credit,” published in 1912, laid the foundation for modern Austrian business cycle theory.

5. Despite his significant contributions, Mises struggled financially for much of his life and was not widely recognized by mainstream economists during his lifetime.

5 Most Interesting Quotes from Ludwig von Mises

1. “Human action is purposeful behavior.”

2. “Government is the only institution that can take a valuable commodity like paper, and make it worthless by applying ink.”

3. “Every socialist is a disguised dictator.”

4. “Innovation is the whim of an elite before it becomes a need of the public.”

5. “If history could teach us anything, it would be that private property is inextricably linked with civilization.”

Highest Net Worth Achieved

Ludwig von Mises did not accumulate significant wealth during his lifetime. His highest net worth is not well-documented, but he lived modestly despite his intellectual achievements.