Mises on Political Compromise

“Perhaps the best example of how he conducted himself in situations which required political compromise is the difficult relationship he had with his student and protégé, Fritz Machlup. Machlup, who called Mises “the scholar who would not compromise”, saw his friendship with his teacher fray in the mid-1960s when Machlup argued that only special political interests supported the restoration of the gold standard. Mises is said to have remarked: “He was in my seminar in Vienna… he understands everything. He knows more than most of them and he knows exactly what he is doing” (Hűlsmann 2007, p. 698).”