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Study Guide to the Theory of Money and Credit (LvMI) Kindle Edition

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Length: 512 pages Word Wise: Enabled

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Product Details

  • File Size: 327 KB
  • Print Length: 512 pages
  • Simultaneous Device Usage: Unlimited
  • Publisher: Ludwig von Mises Institute (September 14, 2011)
  • Publication Date: September 14, 2011
  • Sold by: Amazon Digital Services, Inc.
  • Language: English
  • ASIN: B005NC04JC
  • Text-to-Speech: Enabled
  • X-Ray:
  • Word Wise: Enabled
  • Lending: Enabled
  • Enhanced Typesetting: Not Enabled
  • Amazon Best Sellers Rank: #872,715 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
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More About the Author

Robert P. Murphy has a PhD in economics from New York University. He is the author of many books for the layperson on economic topics. He has testified before Congress on several occasions, and is interviewed often on popular media outlets including John Stossel and Judge Napolitano. Murphy is the president of Consulting By RPM, and blogs at

Customer Reviews

Most Helpful Customer Reviews

10 of 10 people found the following review helpful By G. Wideman on December 8, 2011
Format: Hardcover Verified Purchase
Amazon's description of this item seems to be messed up currently. What I received was indeed the Study Guide, as the item title shows. This is NOT the original Mises book, nor does it contain the Mises book, contrary to what the description currently says. The correct description of the Guide appears on Amazon for ISBN 978-1610162357, (spiral bound, 262 pages, published 2011). The item received was originally barcoded with 978-1610162357, with a sticker on top with 1933550554 on it, so that's probably part of the problem (see 1933550554 at google books, for example).

Now, as to the Guide itself. As other reviewers have mentioned, apparently describing Mises' book itself, Mises' book is dense, so a study guide is a useful addition. And since this is in fact all Study Guide, and no original book, that's 262 pages of commentary and expansion of the original, which is doubtless helpful.
The Guide follows the same chapter structure as Mises' book, but unfortunately there are many cross-references to specific page numbers in the 1953 edition of Mises' book, which don't match anywhere close to either of the the two editions that I just bought from Amazon. Not fatal but tedious, and pretty much requires going through the guide and penciling in some better numbers. I rated three stars for this lack of foresight.
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5 of 5 people found the following review helpful By Jake Le Master on March 1, 2010
Format: Hardcover
The Theory of Money and Credit, perhaps the standard work on the theory of money in the German language, was originally published in 1912. The book is no easy one for beginners because of its strict and, in places, highly abstract character: of historical and descriptive matter there is much, but it is never introduced except when this is necessary to illustrate the analytical argument. But these are the characteristics which will recommend it most strongly to the sympathetic student. Part I, "The Nature of Money," classifies the functions and varieties of money and examines its legal and social status. Part II, "The Value of Money," deals with the determinants of, variations in, and the measurement of the exchange value of money and with monetary policy. Part III, "Money and Banking," is devoted to banking issues. The first two parts form an outstanding textbook. Bordering upon fluctuation theory, if it appears more speculative in character, Part III is concerned with problems of the greatest intellectual difficulty. But the whole work is far more than a mere textbook: it embodies all that one of the ablest members of the Austrian school has to say about monetary problems.

There is a sense that this book will never be supplanted. The sections of greatest permanent interest are surely his celebrated reformulation of the relations between the value of money and the rate of interest (Part III, Chapter V), his refutation of nominalists (Part I, Chapter IV, and Appendix A), and his classical discussion of the "little devices" of monetary policy (Part III, Chapter VI).
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13 of 16 people found the following review helpful By K. Uyehara on April 17, 2010
Format: Hardcover
I attend a state school and therefore I am saturated with a healthy content of Keynesian economic bias on a daily basis, and so to read Mises' 'The Theory of Money and Credit' was like a gulp of fresh air. First of all, the Austrian brand of economists write the best books because they actually incorporate the fundamental societal dimensions in which they deduce their conclusions, giving it... A HUMAN ASPECT (an aspect that economics was originally created to understand). A huge change of pace from the disconnected perspective of authors that I have been required to read by my state school.

It was a real joy reading this book, and often had to pry myself away in order to get anything else done! And as I finish this book I can confidently say I leave with a completely transformed general understanding of economics. And not in the same way that an acolyte feels after attending his first cult meeting (which is an analogy many mainstream economists like to ascribe upon Austrians). No, I close this book with the radiant glow of newly obtained knowledge, and for the first time I am reaffirmed in my choice of economics as a major.

Thank you Ludwig von Mises, and I look forward to reading more from you and your Austrian friends F.A. Hayek and Murray Rothbard.
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3 of 4 people found the following review helpful By K. Burns on May 2, 2011
Format: Hardcover Verified Purchase
or just proof that there is nothing new under the sun. This is a brilliant, but time-consuming book. Though it is a fairly short read (under 200 pages)it took me a considerable amount of time to read because of its thoroughness. You may find yourself re-reading portions to try to visualize the author's points.

The most important and prophetic chapters were 12, 13, 14, 21, and 23. What Von Mises wrote about nearly a century ago is no different than current inflationary policies. Prior to reading this book, I was on the fence about the importance of a Gold-Standard. I must admit, Von Mises has convinced me wholly that a Gold-Standard is the only standard upon which Sound Money and a Constitutional Republic can survive.

To imagine the wars, corruption, conflicts, waste, and deaths that could be avoided by placing monetary restrictions on arbitrary governments through the usage of a Gold-Standard. As Von Mises states in the end- there are only 2 choices of Utopia; one of a Market Economy and the other of Totalitarian Planning. For those who choose to win or lose in life by their own dictates and their own definition and NOT by that of government- this will be an enjoyable read.
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