purchasing power

A Quote by Ludwig von Mises on gdp, national product, national income, economics, inflation, purchasing power, and money

The illusiveness of this concept of national income is to be seen in its dependence on changes in the purchasing power of the monetary unit. The more inflation progresses, the higher rises the national income.

Ludwig von Mises

Source: Mises, Ludwig Von (1962). The Ultimate foundation of Economic Science (2nd ed.). Foundation of Economic Education: Irvington-on-Hudson, NY. p. 87

Contributed by: peter

Syndicate content