Quotation of the Day…

by Don Boudreaux on July 14, 2013

in Crony Capitalism, Myths and Fallacies, Trade

… is from page 198 of the 1983 Leland Yeager translation of Ludwig von Mises’s 1919 book, the English title of which is Nation, State, and Economy:

One of the great ideas of [classical] liberalism is that it lets the consumer interest count alone and disregards the producer interest.  No production is worth maintaining if it is not suited to bring about the cheapest and best supply.  No producer is recognized as having a right to oppose any change in the conditions of production because it runs counter to his interest as a producer.  The highest goal of all economic activity is the achievement of the best and most abundant satisfaction of wants at the smallest cost….

Preferring the producer interest over the consumer interest, which is characteristic of antiliberalism, means nothing other than striving artificially to maintain conditions of production that have been rendered inefficient by continuing progress.

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