Theory of Money and Credit By Ludwig von Mises


Ludwig von Mises shows how money had its origin in the market, and how its value is based on its usefulness as a commodity in exchange. In a step-by-step manner, he presents the case for sound money with no inflation, and presents the beginnings of a full-scale business cycle theory.

The Theory of Money and Credit is the classic treatise on monetary theory remains the definitive integration of microeconomics and macroeconomics. First published in 1912 — and remaining in print since that time — it catapulted Mises into the ranks of Europe’s most respected economists.

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