Ludwig von Mises Institute

Ersatz

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Ersatz goods are substitute goods that are inferior goods. Ludwig von Mises explains, "A substitute is a good which is either less suitable or more expensive or both less suitable and more expensive than the proper good which it is designed to replace. Whenever technology succeeds in manufacturing or discovering something which is either more suitable or cheaper than the thing previously used, this new thing represents a technological innovation; it is improvement and not Ersatz. The essential feature of Ersatz, as this term is employed in the economico-military doctrine, is inferior quality or higher costs or both together."[1]

References[edit]

  1. Mises, Ludwig von (1949). "War and Autarky". Human Action. http://mises.org/humanaction/chap34sec3.asp. 

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