Hence, the statement that the cost of living is different in different localities only means that the same individual cannot secure the same degree of satisfaction from the same stock of goods in different places.
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About Ludwig von Mises
Ludwig von Mises was a 19th-century American austrian–american political economist. Ludwig Heinrich Edler von Mises was an Austrian and American political economist and philosopher of the Austrian school. Mises wrote and lectured extensively on the social contributions of classical liberalism and the central role of consumers in a market economy. Read more on Wikipedia →