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There is no equivalence in exchange. On the contrary, it is differences that bring about exchange. You cannot reduce the terms of exchange and of trade to equivalence; you can only reduce them to differences in evaluation. The buyer v-alues what he gets more highly than what he gives away; the seller values what he gives less highh' than what he gets. Therefore, the equivalence that ^^•c use m determmmg the unportance the various capital goods have in our hvrs can onh* be expressed m terms of prices. In calcubting m terms of prices \x>u can establish a $\-$tem of prices, and determine whether or not a pnce has increased or decreased that is, in terms of mone>'. Without a price $\"stem therr cannot be any calculation. In the socialist system, which cannot ha\T a pnce system as we have it in the market system, therr cannot be estabkshed calculation and computation. In the system of economic calcubtion. we ha\r the terms **capical** and "income"—terms and notions that cannot be thought of outside this system. "Capital" is the sum of the prices that can be obtained on the market for a definite gi\rn suppK* of capital goods. The buunessnian employs economic calculation in a vpecihc wa\'. he could not operate without this sN-stem of economic calculation At the beginmng ol* his enterprise he establishes a total value of all the capital goods at hn disposal and calls it his "capital." or the "capital" of ht* firm or coqx>ration Periodically, he compares the \-alue ot the pnces of all the capital ginvjx available in the firm with the prices of these capital goods at the beginning. If there is an iiu rrase he calls it "pa>lit "* If there is a decrease. he calls it "loss." No other s>-steni \%\>uld make it possible to esubltsh whether what has been done has iiurrased the capital as-ailable. imprxnrd it. or decreased it. From another point of \iew. the local surplus thai he calU "pn>fit" can als*> be called "income." imofar as it nuko il piwuble foe the owner—ci>rp*>ratK>n or individual—to comunte this aiiKHint without reducing the anunint i>f capital jvaibble and without, therefore. Iising at the expense ot the future Ihus the lomepts ot " capital" and "income devcU>ped only within this sN-stem of ecoruHtuc cakulaCKNi. It the total amount of "income" is consumed, then therr h no change in the anunint i>t capital avaibble for the enterprise If a part is savrd. I.e.. not consumed but reinsrsted— that is. if it it used to expand the stock of capital gotnls \\x>rking in the enterprise—then we can say additional capital has been accumubted. the enterprise has earned some "income." If the ct>ntrar> is the case, if the amount consumed by the owner exceeds the income, then s%t have capital consumpCMNi. or capittl 52 — '
SAVINGS. INVESTMENT. AND ECONOMIC CALCULATION dc-cuinubaon. and diefe will be less available in the ftinirr for the production of conHimer fgpooi \rr>- clear IVople wrrc not very ituud at arithmetK. *nd iat diuosrr \rr>- bad errurs simply in jriihmetical ptobleim even in the boaki c4 big h- firms. Gradually these ideas developed nuMv and tnorc until thr s\-stem of double-cniry bookkeeping wn developed Our whole thinking is now influenced by these ideas. e\xt\ the ideas o( those who knou- nothing of chr problems of accountanc\' and who are rsat in a position to read Jtnd inicrprrt the babiue sheet o( * itHpttratHHi AcuHJittants and bcK»kkrrpcr» arc only the handynsen in this fundamental was ot dealing with all itutr- rial and external pn>blems liu«*rsrr. thc«e pniMems cofuern others than •Ciountanis tnd bookkeepers C>oethe. who was a great poet, uicntisi. and a prvcufior o( the scieiwe of estslution. described a menhant's douMe- aitry accounting s^-stem as "one of the mtni nursrlmis immtiom of the huriun spirit" (tttethr rraltred these ideas tsrrr hindamental to the modern s>'siem of prtHluitng aisd acting juui that these iciiuepts \s-rrr j kind of practical nuthenutus »nd lugu in the was pet>ple deal with all tl)cse problenu. In our age. pubhc opinion and legisbtion lusr lompleicly Unt all understanding o( these problems This is due tti nuHlern iiuome-tax legislation. Hirst of all. in the legisbtion concerning iiuome taxes, the law-giver caUs salaries and wages "iiHcHnc" or "earned income" llmsrsrr. the main charactertstu ol**'irKome" m the ecisnomu sense i* that ii is that Mirplus osrr a businessnun s cents that mas* be consumed without reducing pital. i.e.. without Using at the expense oi the future. You cannot consume "income** sisnthout deteriorating sour t»pportunitics tor future prcxiucQon.The corKepci of'"capiur' and "income" desrloped only within the system of economic calculauon. 5J
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UUDWIGVON MTSES Marxism Unmasked Fr
Page 4 and 5:
Luiwk; von MisEs
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11m h.m4 n fHiMnhc«J W thr hnrnd^t
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Acknowledgments The lectures by Lud
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MARXISM UNMASKED iv*as ine\itable.
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MARXISM UNMASKED production will no
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MARXISM UNMASKED ^ His answer was n
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MARXISM UNMASKED and even if the in
Page 21 and 22: 1st lecture Mind, Materialism, and
Page 23 and 24: Ford, do^"::^ z :z^^zitT '" ^ i*- "
Page 25 and 26: ""'—'•"'"- '-r.,,„,„. which
Page 27 and 28: MATERIALISM, AND THE FATE OF MAN l.
Page 29 and 30: H. con! H .^ . o 17c > ' MIND. MATE
Page 31 and 32: 2nd lecture Class Conflict and Revo
Page 33 and 34: ""^ "^" '" ^'"' "vo.ux.ow.av soc.us
Page 35 and 36: CLASS co.,ucr^ ,„,,,„„^^^^ ^^
Page 37 and 38: ^-"CONP-CT ..o aBvo.u.,o..av socuus
Page 39 and 40: iKli LECTURE Individualism and the
Page 41 and 42: """'"""^"'" '"^ "^ —TM« KBVO.UT.
Page 43 and 44: INDIVIDUALISM AND THE INDUSTRIAL RE
Page 49 and 50: NATIONALISM. SOCIALISM. AND VIOLENT
Page 51 and 52: NAT^AL.SM. SOC.AL.SM. ANO V.OLHNT R
Page 53 and 54: NAT^ON^M. SOC.AUSM. ..o V.OLHNT aHV
Page 59 and 60: MARXISM AND THE MANIPULATION OF MAN
Page 67 and 68: ( iiinoc MARXISM AND THE MANIPULATI
Page 71: SAVINGS, INVESTMENT. AND ECONOMIC C
Page 75 and 76: SAVINGS. INVESTMENT. AND ECONOMIC C
Page 77 and 78: SAVINGS. INVESTMENT. AND ECONOMIC C
Page 79 and 80: AviNCt, INVetTMENT. AND ECONOMIC CA
Page 81 and 82: 7tm lecture Money, Interest, and th
Page 83 and 84: M U S 1 ^ . ; S I i K i S I . A M>
Page 85 and 86: MONEY INTEREST. AND THE BUSINESS CY
Page 87 and 88: MUStY. ISIlKiST. AND TM£ BL'SISESS
Page 89 and 90: MONEY. INTEaEST. AND THE SUflNESS C
Page 91 and 92: MONEY. INTEREST. AND THE BUSINESS C
Page 93 and 94: MONEY. INTEREtT. AND THE BUSINESS C
Page 95 and 96: MONEY. INTEREST. AND THE BUSINESS C
Page 97 and 98: 8tm lecture Profit and Loss, Privat
Page 99 and 100: PROFIT AND LOSS. PRIVATE PROPERTY.
Page 101 and 102: mOFIT AND LOtf. PRIVATE PItOPERTY.
Page 103 and 104: PROPIT AND LOSS. miVATE PROPERTY. A
Page 105 and 106: FROPIT AND LOSS. PaiVATE PROPCIK.TV
Page 107 and 108: mOFIT AND LOSS. miVATE mOPERTY. AND
Page 109 and 110: FOREIGN INVESTMENTS AND THE SPiaiT
Page 111 and 112: t FOREIGN INVESTMENTS AND THE SriRI
Page 113 and 114: FOREIGN INVESTMENTS AND THE SPIRIT
Page 115 and 116: FOREIGN INVESTMENTS AND THE SPIRIT
Page 117 and 118: POKEfCN INVESTMENTS AND THE SfiRIT
Page 119 and 120: FOREIGN INVESTMENTS AND THE SPIIIIT
Page 121 and 122: FOaEICN INVESTMENTS AMD THE SPIRIT
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" Abteoce di pUnninK" upuntvn, 46 A
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31 FairDcallS rcocnl tvocrvt Boiwi,
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ManoMn-Lcmmun-Solinnm. 1. 17 Mauryk
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FOUNDATION FOR ECONOMIC EDUCATION ^
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^' "'•f -'m UFM FRANCISCO MARROOl
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