ABSTRACT
To someone not familiar with Mises’s understanding of the market, there would, on the surface of Mises’s exposition, appear to be a puzzling tension in that exposition-a tension having to do with some very basic elements of Mises’s position. We shall find that the resolution of this tension is, once it has been explained, fairly obvious, but we shall also find that a careful consideration of this resolution can help us more fully appreciate the uniqueness (and the intellectual integrity) of Mises’s understanding of the capitalist system.
