“Under certain conditions, index numbers may do very useful service as an aid to investigation into the history and statistics of prices; for the extension of the theory of the nature and value of money they are unfortunately not very important.”

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.