sexta-feira, janeiro 15, 2010

# 6

«The State does not govern the market; in the market in which products are exchanged it may quite possibly be a powerful party, but nevertheless it is only one party of many, nothing more than that. All its attempts to transform the exchange ratios between economic goods that are determined in the market can only be undertaken with the instruments of the market. It can never foresee exactly what the result of any particular intervention will be. It cannot bring about a desired result in the degree that it wishes, because the means that the influencing ofdemand and 'Supply place at its disposal only affect the pricing process through the medium of the subjective valuations of individuals; but no judgement as to the intensity of the resulting transformation of these valuations can be made except when the intervention is a small one, limited to one or a few groups of commodities of lesser importance, and even in such a case only approximately. All monetary policies encounter the difficulty that the effects of any measures taken in order to influence the fluctuations of the objective exchange-value of money can neither be foreseen in advance, nor their nature and magnitude be determined even after they have already occurred.» (p. 238-239)

Ludwig von Mises, The Theory of Money and Credit (1912)