Economics Quote by Ludwig von Mises
““All rational action is economic. All economic activity is rational action. All rational action is in the first place individual action. Only the individual thinks. Only the individual reasons. Only the individual acts.””
About This Quote
Source Book: Human Action, 1949
All economic activity is rational individual action; economics is rooted in personal choice.
In simple terms: Economic action is rational individual choice.
Recognize personal agency in markets.
Themes
Mood
Type
When to use this quote
- personal finance
- entrepreneurship
- policy analysis
Key Concepts
Questions to Reflect On
- How do you make rational choices?
- What biases affect you?
Collective factors also influence markets.