Ludwig von Mises (1881-1973)

Ludwig von Mises was born on Sept 29, 1881, in the city of Lemberg (now Lvov) in Galicia, where his father, a Viennese construction engineer working for the Austrian railroads, was then stationed. Mises was one of the most notable economists and social philosophers of the twentieth century. He believed that in­dividual human beings act purposively to achieve desired goals.Even though his economic analysis itself was irrelevant to values held by economists, Mises concluded that the only reasonable economic policy for the human race was a policy of unrestricted free markets and the free act for the right of private property, with government strictly limited to the defense of people and property within its territorial area.

Mises was able to demonstrate that the expansion of free markets, the division of labor, and private capital investment is the only possible path for the good of the human race. He also stated that socialism would be disastrous for a modern economy because the absence of private ownership of land and capital goods prevents any sort of rational pricing, or estimate of costs. Lastly he showed that government intervention, which is already affecting the market, would prove harmful leading ultimately to socialism.

Unfortunately Mises died in New York City on October 10, 1973 at the age of 92.