“Paper money in time of war, the new notes will first go into the pockets of the war contractors. 'As a result, these persons' demands for certain articles will increase and so also the price and the sale of these articles, but especially in so far as they are luxury articles. Thus the position of the producers of these articles will be improved, their demand for other commodities will also increase, and thus the increase of prices and sales will go on, distributing itself over a constantly augmented number of articles, until at last it has reached them all.”

Austrian and American political economist and philosopher

Ludwig Heinrich von Mises was an Austrian and American political economist and philosopher of the Austrian school. He is known for his work on classical liberalism and the place of consumers in a market economy. He wrote and lectured widely on the social value of classical liberalism, and on praxeology, the study most closely associated with his work. He is also known for comparing communism and capitalism, and for defending liberal ideas against the spread of illiberalism and authoritarianism in 20th-century Europe.