MISES, Ludwig von.

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Profit and Loss. First edition. Profit and Loss prints the paper which Mises presented at the Mont Pèlerin meeting in 1951; it was later published in the collected essays Planning for Freedom the following year."It is an awkward thing to deal in a monograph with one particular aspect of the operation of the market economy. The market is an indivisible whole that cannot be cut into compartments open to separate analysis. All market phenomena are mutually interdependent and condition one another. In dealing with one of them, one either virtually deals with the whole system or one produces nothing but a meaningless fragment.I would not have dared to write this piece on profit and loss if I could not refer to my comprehensive treatise on economics, published in 1949 by the Yale University Press under the title Human Action. In this treatise the reader may find all those questions answered which this essay leaves undiscussed." (Preface).

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