“To measure is to determine the ratio of one quantity to another which is invariable or assumed to be invariable. Invariability in respect of the property to be measured, or at least the legitimacy of assuming such invariability, is a sine qua non of all measurement. Only when this assumption is admissible is it possible to determine the variations that are to be measured.”

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About Ludwig von Mises

Austrian economist and social theorist of the early-to-mid 20th century, Ludwig von Mises is best known for his rigorous defense of classical liberalism and free-market economics. His work in praxeology—an a priori method of social science—shaped modern libertarian thought, while his critiques of socialism and central planning remain foundational in economic theory.

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"To measure is to determine the ratio of one quantity to another which…" — Ludwig von Mises | Daily Quotes