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Quotation from Human Action: A Treatise on Economics by Ludwig von Mises
“Of two things both of which he cannot have together he selects one and gives up the other.”
Human Action: A Treatise on Economics, Part One, Chapter I, section 1 (Yale University Press, 1949 (Scholar's Edition text))
Mises explains that every action involves choosing one end and renouncing another, the basis of the idea of cost.
Citation: "Of two things both of which he cannot have together he selects one and gives up the other." — Ludwig von Mises, Human Action: A Treatise on Economics, Part One, Chapter I, section 1 (Yale University Press, 1949 (Scholar's Edition text)). (id mises-human-action-q2)
