recapitulate: exchange-ratio subsisting commodities money everywhere s — Ludwig von Mises, Theory Money Credit

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To recapitulate: the exchange-ratio subsisting between commodities and money is everywhere the same. But men and their wants are not everywhere the same, and neither are commodities. Only if these distinctions are ignored is it possible to speak of local differences in the purchasing power of money or to say that living is dearer in one place than in another.

Ludwig von Mises, The Theory of Money and Credit

Related Authors: Ludwig von Mises | The Theory of Money | Credit

Related Topics: capitalism, economics, freedom, money

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