From one of the preeminent theorists of the acclaimed Austrian school of economics, "The Theory of Money and Credit" represents a major contribution to the science of economics. Von Mises examines the value of money, how it can be measured, and the effects of credit and monetary policy at the nation-state level. Von Mises is well known for advocating a return to the gold standard as a way to eliminate the growth and recession cycles. Given the current economic crises, many people who want a better understanding of economics are turning back to this classic work in order to be better informed on the implications of monetary and credit policy.
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Book Description
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Language Notes
Text: English, German (translation)
--This text refers to the
Hardcover
edition.
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.
--This text refers to an alternate
Paperback
edition.
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Customer Reviews
Most Helpful Customer Reviews
150 of 159 people found the following review helpful
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
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
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
Most Recent Customer Reviews
Very interesting
It's a hard subject to follow if you are not an economist, (I'm not) but explains why there is no way to control the value of things relative to money.
Published 2 months ago by Rich
Difficult but worthwhile read
The book is an excellent read for anyone interested in Austrian School economic and monetary theory but given the detail of discussion and original language and timeframe of... Read more
Published 2 months ago by Keath A. Warlick
Mises The Theory of Money & Credit
An excellent, and scholarly read; of the monetary policy behind the fiat money system. It explains how political agendas create monetary bubbles and busts. Read more
Published 3 months ago by Sam54
Poor re-creation
This book appears to be a poor re-creation of the original. It was apparently copied by a very poor typist with numerous mistakes. Read more
Published 4 months ago by aj
Choose which edition carefully!
Beware that the reviews on this book are shared between multiple editions from several publishers, and these are _not_ all equivalent. Read more
Published 5 months ago by G. Wideman
a good book for me
this book written by L.V.Mises is the second book ordered from amazon.and reached me with the Human Action by the same author. Read more
Published 6 months ago by karl tian xiaoqing
Deep pool of wisdom and intelligence
I've read a couple of books by Von Mises and this one, probably not his best, is solid and amazing in it's detailed description of finance. Read more
Published 7 months ago by Robert Kirk
Informative, but unsurprisingly, a dry read
The subject is one of large recent debate, given the rising popularity of Ron Paul and his libertarian perspective. Read more
Published 8 months ago by wesley payne
Must read
This book is a must read for everyone, especialy if engaged in economic or social sciences. The simple and inconfutable analisys is the only real esplanation of the variables and... Read more
Published 9 months ago by Fra
Excellent book, bad edition
Get the edition published by the Ludwig von Mises Institute (mises.org). It is MUCH better. It contains the forwards and prefaces by the author, the translator, and Murray... Read more
Published 9 months ago by Thomas T. Amlie
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