In this post, we are sharing the 10 best quotes on money, finance, and wealth by two great economists whose works have defined the economic understanding of money. Both Ludwig von Mises and John Maynard Keynes have done voluminous work in different areas of economics.
Their works on economics and social philosophy have had, and still have great influence on the guiding principles used by modern day economists and thinkers. Both economists have done the work of simplifying the complexities involved in the understanding about wealth, money, currency, banking, etc.
The quotes below will help you in getting deep insights into the nature of money and wealth.
Quotes on Money by Ludwig von Mises
1. Money is nothing but a medium of exchange and it completely fulfills its function when the exchange of goods and services is carried on more easily with its help than would be possible to means of barter.
2. For two hundred years the governments have interfered with the market’s choice of the money medium. Even the most bigoted étatists do not venture to assert that this interference has proved beneficial.
3. The governments alone are responsible for the spread of the superstitious awe with which the common man looks upon every bit of paper upon which the treasury or agencies which it controls have printed the magical words legal tender.
4. Depression is the aftermath of credit expansion.
5. The entrepreneurs who approach banks for loans are suffering from shortage of capital; it is never shortage of money in the proper sense of the word.
Quotes on Money by John Maynard Keynes
1. Fiat Money, is Representative (or token) Money {i.e. something the intrinsic value of the material substance of which is divorced from its monetary face value} — now generally made of paper except in the case of small denominations — which is created and issued by the State, but is not convertible by law into anything other than itself, and has no fixed value in terms of an objective standard.
2. Commodity Money is composed of actual units of a particular freely -obtainable, non -monopolised commodity which happens to have been chosen for the familiar purposes of money, but the supply of which is governed — like that of any other commodity — by scarcity and cost of production.
3. Managed Money is similar to Fiat Money, except that the State undertakes to manage the conditions of its issue in such a way that, by convertibility or otherwise, it shall have a determinate value in terms of an objective standard.
4. The importance of money flows from it being a link between the present and the future.
5. Most men love money and security more, and creation and construction less, as they get older.
