For hundreds, even thousands, of years, people completely failed to see that variations in the objective exchange-value of money could be induced by monetary factors. They tried to explain all variations of prices exclusively from the commodity side.
About This Quote
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 →