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wu. von Mises argued that without capital markets based
on private ownership, socialist central planners are economi-
cally blind. They cannot know either the economic value or
the price of capital goods. Therefore, they cannot know which
resources should be allocated to meet the desires of consum-
ers, including the State itself. ... Nothing is more unpopular

today than the free market economy, i.e., capitalism.

' J In summarizing Mises’s theory of money, | cover five themes:
the definition of money; the optimum quantity of money, and

+ ™ how to achieve it; the myth of neutral money and its corol-

lary, stable prices; fractional reserve banking, and how to

inhibit it; and the monetary theory of the business cycle.

“2 They are closely interrelated. Mises’s system was a system.

“ More than any other economist, it was Mises who offered

the most detailed theoretical critique of socialism.

ISBN 978-1-61016-248-7

90000 >
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