“The moneyprice of any commodity in any place, under the assumption of completely unrestricted exchange and disregarding the differences arising from the time taken in transit, must be the same as the price at any other place, augmented or diminished by the money-cost of transport.”

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.