Ludwig von Mises: "The greater productivity of work under the division of labor is a unifying influence. It leads men to regard each other as comrades in a joint struggle for welfare, rather than as competitors in a struggle for existence. It makes friends out of enemies, peace out of war, society out of individuals." - Socialism
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| Ludwig von Mises | The ultimate cause, therefore, of the phenomenon of wave after wave of economic ups and downs is ideological in character. The cycles will not disappear so long as people believe that the rate of interest may be reduced, not through the accumulation of capital, but by banking policy. | On the Manipulation of Money and Credit | p. 139 | Business Cycles |
| Ludwig von Mises | Credit expansion can bring about a temporary boom. But such a fictitious prosperity must end in a general depression of trade, a slump. | Planned Chaos | p. 21 | Business Cycles |
| Ludwig von Mises | The cyclical fluctuations of business are not an occurrence originating in the sphere of the unhampered market, but a product of government interference with business conditions designed to lower the rate of interest below the height at which the free market would have fixed it. | Human Action | p. 562; p. 565 | Business Cycles |
| Ludwig von Mises | True, governments can reduce the rate of interest in the short run. They can issue additional paper money. They can open the way to credit expansion by the banks. They can thus create an artificial boom and the appearance of prosperity. But such a boom is bound to collapse soon or late and to bring about a depression. | Omnipotent Government | p. 251 | Business Cycles |
| Ludwig von Mises | The wavelike movement effecting the economic system, the recurrence of periods of boom which are followed by periods of depression is the unavoidable outcome of the attempts, repeated again and again, to lower the gross market rate of interest by means of credit expansion. | Human Action | p. 570; p. 572 | Business Cycles |
| Ludwig von Mises | The boom produces impoverishment. But still more disastrous are its moral ravages. It makes people despondent and dispirited. The more optimistic they were under the illusory prosperity of the boom, the greater is their despair and their feeling of frustration. | Human Action | p. 574; p. 576 | Business Cycles |