Quotes from “Economic Calculation in the Socialist Commonwealth”

By Ludwig Von Mises (1920)

• Money is no yardstick of value, nor yet of price. Value is not indeed measured in money, nor is price. They merely consist in money.#
  Economics
• Calculation in natura, in an economy without exchange, can embrace consumption goods only; it completely fails when it comes to dealing with goods of a higher order. And as soon as one gives up the conception of a freely established monetary price for goods of a higher order, rational production becomes completely impossible.#
  Economics
• Every graded system of pricing proceeds from the fact that men always and ever harmonized their own requirements with their estimation of economic facts.#
  Economics
• The entrepreneur’s commercial attitude and activity arises from his position in the economic process and is lost with its disappearance.#
  Economics