Natural resources
Invezz is an independent platform with the goal of helping users achieve financial freedom. In order to fund our work, we partner with advertisers who compensate us for users that Invezz refers to their services. While our reviews and assessments of each product on the site are independent and unbiased, brands may pay to appear higher up our table rankings or place ads in specific areas of the site. The order in which products and services appear on Invezz does not represent an endorsement from us, and please be aware that there may be other platforms available to you than the products and services that appear on our website. Read more about how we make money >
Professor at Vienna University from 1913 until he joined the Graduate Institute of International Studies at Geneva in 1934. In 1940 he left Europe for the U.S. and was appointed five years later to a professorial chair at New York University, where he stayed until 1969. His published works include The Theory of Money and Credit (1912), The Free and Prosperous Commonwealth (1927), Geldwertstabilisierung und Konjunkturpolitik (1928), Bureaucracy (1944), Omnipotent Government (1944), Human Action (1949), Theory and History: An Interpretation of Social and Economic Evaluation (1957) and The Ultimate Foundation of Economic Science (1962). Von Mises argued in favour of the price system as the most efficient basis of resource allocation. A planned economy must be wasteful, because it lacks a price system and cannot institute such a system without destroying its political principle. He applied the marginal utility theory of the austrian school to develop a new theory of money, and pointed out that utility could be measured ordinally only and not cardinally. He also outlined a purchasing power parity theory comparable to that of Gustav Cassel. His trade cycle theory explained fluctuations in terms of an expansion of bank credit in the up-turn which caused a fall in the rate of interest and surplus investment with a consequent reversal when the money supply was reduced.
Reference: The Penguin Dictionary of Economics, 3rd edt.
More definitions
Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >