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Quotation of the Day…

Posted By Don Boudreaux On January 28, 2014 @ 8:13 am In Economics,Prices | Comments Disabled

… is from pages 153-154 of the 1981 edition of George Reisman’s translation of Ludwig von Mises’s 1933 tract, Epistemological Problems of Economics [1] (original emphasis):

The step that leads from classical to modern economics is the realization that classes of goods in the abstract are never exchanged and valued, but always only concrete units of a class of goods.  If I want to buy or sell one loaf of bread, I do not take into consideration what “bread” is worth to mankind, or what all the bread currently available is worth, or what 10,000 loaves of bread are worth, but only the worth of the one loaf in question.

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[1] Epistemological Problems of Economics: http://www.amazon.com/Epistemological-Problems-Economics-Ludwig-Mises/dp/0945466366/ref=sr_1_1?s=books&ie=UTF8&qid=1390914783&sr=1-1&keywords=ludwig+von+mises+epistemological

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