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Product Description
Product Description
In 1912, when Mises, at age thirty-one, wrote this landmark book, no monetary theory could be described as both securely founded on economic reality and properly incorporated into an analysis of the entire economic system. "The Theory of Money and Credit" opened new vistas. It integrated monetary theory into the main body of economic analysis for the first time, providing fresh new insights into the nature of money and its role in the economy. As the well-known "Austrian" economist Rothbard writes in his new foreword: "This book performed the mighty feat of integrating monetary with micro theory, of building monetary theory upon the individualistic foundations of general economic analysis."
About the Author
Ludwig von Mises (1881-1973) earned his doctorate in law and economics from the University of Vienna in 1906. In 1926, Mises founded the Austrian Institute for Business Cycle Research. From 1909 to 1934, he was an economist for the Vienna Chamber of Commerce. Before the Anschluss, in 1934 Mises left for Geneva, where he was a professor at the Graduate Institute of International Studies until 1940, when he emigrated to New York City. From 1948 to 1969, he was a visiting professor at New York University.
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Most Helpful Customer Reviews
4 of 4 people found the following review helpful
Format:Paperback|Amazon Verified Purchase
For many years after the publication of Keynes's General Theory, previous work in the areas of monetary theory and macro-economics was largely ignored. Perhaps inevitably, it has only been since the disadvantages of excessive concentration on fiscal policy to manage the economy have become manifest that alternative approaches have returned to favour. In its insistence that there is no simple solution to a slump caused by the puncturing of a credit boom, this book could hardly be more timely, despite dating back almost a century.
Most Helpful Customer Reviews on Amazon.com (beta)
Amazon.com:
30 reviews
150 of 159 people found the following review helpful
Fascinating and groundbreaking.
4 May 2000
Format:Paperback
The late great Murray Rothbard described Ludwig von Mises's _The Theory of Money and Credit_ as the best book on money ever written. And so it is.
It is probably best known as the volume which first set out the distinctive Austrian theory of the trade cycle. For that alone, it deserves a place on the bookshelf of everyone who cares about such things (and more people should).
But there's much more to it than that. This volume sets out a complete and groundbreaking theory of money itself: what it is, where it comes from, what it means to speak of its "value," the differences between commodity money and fiat money, the demand for money and what it has to do with banking, and -- crucially -- the jiggery-pokery that becomes possible when the State starts messing around with unsound monetary policy.
This edition also includes a section on "Monetary Reconstruction" written in 1952 (and first included in the 1953 Yale University Press edition).
Plus there's a foreword by Murray Rothbard. And, finally, it's another beautifully crafted volume from the Liberty Fund, practically a steal at the price posted above. You'd have a hard time buying most such books _used_ at this price.
So what are you waiting for? Throw your Samuelson and Keynes in the trash and pick up a book of _real_ economics.
57 of 60 people found the following review helpful
The Best Book on Money & Credit Ever Written? ... Possibly!
13 Sep 2006
Format:Hardcover
Murray Newton Rothbard has been quoted as saying this book is THE best book ever written on Money & Credit. So having found Rothbard's writings to be outstanding in their own right, I moved on to this Mises classic!
The first thing to note is that this book was first published in 1912 and in German, and although the translation has been accomplished superbly, the style of writing has somewhat of an antequated feel to it; not quite the same free flowing prose you get with Rothbard. Once you get into the feel of it though, this in no way detracts from your understanding of the theory presented.
It has an excellent new Foreward by Rothbard himself, extensive footnoting and index and is hardbound beautifully by the Liberty Fund Press, with dust jacket. There is also a nice Appendix: On The Classification of Monetary Theories, that is very useful and informative.
The book itself is divided into four main Parts:
Part One: The Nature of Money.
Part Two: The Value of Money.
Part Three: Money and Banking.
Part Four: Monetary Reconstruction.(This part was added in 1952).
For me the book really took on a story of two halves. In the first half of the book, Parts 1 & 2, the bulk of the theory is really laid out. It can be slow going as it is extremely in depth but I highly recommend you stick with it as this pays off in the second half of the book!
In Part 3 Mises really starts putting flesh onto the theory when we get into Money & Banking proper with discussion of demand for money, credit, fiduciary paper, rate of interest etc. But towards the end in Chapters 19 & 20 things get MUCH more interesting as equilibrium rates and interest are discussed in detail and he finally talks about gold, the gold standard and banking freedom.
Part 4 is where my heart lies. Here we have the discussion of the principles of sound money versus contemporary currency systems. There's then an excellent discourse on the Return to Sound Money, ie the Classical Gold Standard.
The second half of this wonderful book certainly flowed better for me, but that may also be just because I am more of an investment manager/trader and less of an economist! You feel like you have had Mises teaching you in fine detail and that he has left no stone unturned in your understanding. Mises doesn't read as easily as the prose of Rothbard but that does not detract from the excellence of the material. Superb!
It really IS a truly outstanding work and if not the best book ever written on the subject, it surely has to be at the very least, one of the very best, and as such is certainly a "must-read"!!!
This wonderful, beautifully bound, classic is an absolute "steal" at $20. I still cannot believe it is sold for so little. My recommendation is to buy it while it is still available in this beautiful hardbound edition!
Enjoy!
The first thing to note is that this book was first published in 1912 and in German, and although the translation has been accomplished superbly, the style of writing has somewhat of an antequated feel to it; not quite the same free flowing prose you get with Rothbard. Once you get into the feel of it though, this in no way detracts from your understanding of the theory presented.
It has an excellent new Foreward by Rothbard himself, extensive footnoting and index and is hardbound beautifully by the Liberty Fund Press, with dust jacket. There is also a nice Appendix: On The Classification of Monetary Theories, that is very useful and informative.
The book itself is divided into four main Parts:
Part One: The Nature of Money.
Part Two: The Value of Money.
Part Three: Money and Banking.
Part Four: Monetary Reconstruction.(This part was added in 1952).
For me the book really took on a story of two halves. In the first half of the book, Parts 1 & 2, the bulk of the theory is really laid out. It can be slow going as it is extremely in depth but I highly recommend you stick with it as this pays off in the second half of the book!
In Part 3 Mises really starts putting flesh onto the theory when we get into Money & Banking proper with discussion of demand for money, credit, fiduciary paper, rate of interest etc. But towards the end in Chapters 19 & 20 things get MUCH more interesting as equilibrium rates and interest are discussed in detail and he finally talks about gold, the gold standard and banking freedom.
Part 4 is where my heart lies. Here we have the discussion of the principles of sound money versus contemporary currency systems. There's then an excellent discourse on the Return to Sound Money, ie the Classical Gold Standard.
The second half of this wonderful book certainly flowed better for me, but that may also be just because I am more of an investment manager/trader and less of an economist! You feel like you have had Mises teaching you in fine detail and that he has left no stone unturned in your understanding. Mises doesn't read as easily as the prose of Rothbard but that does not detract from the excellence of the material. Superb!
It really IS a truly outstanding work and if not the best book ever written on the subject, it surely has to be at the very least, one of the very best, and as such is certainly a "must-read"!!!
This wonderful, beautifully bound, classic is an absolute "steal" at $20. I still cannot believe it is sold for so little. My recommendation is to buy it while it is still available in this beautiful hardbound edition!
Enjoy!
92 of 106 people found the following review helpful
YOU DON'T WANT TO SPEED READ THIS ONE
18 July 2002
Format:Paperback
I am a BIG fan of Ludwig von Mises. I am aware of what his great contributions are to the science of Economics. All free-market believers are indebted to him for his work. That is precisely why I bought a copy of his Theory of Money and Credit.
I found it VERY DIFFICULT to read, even with a dictionary in hand. So much so that I never finished it. And this even though I have read Rothbard's classic "America's Great Depression" twice.
Admittedly, von Mises wrote the original in German (I think), and translating technical material from another language may be quite difficult.
I give von Mises 5 stars for his Theory, (which really isn't a theory, but FACT). But I must subtract one star for it's lack of readability.
--George Stancliffe
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