The Theory of Money and Credit

The Theory of Money and Credit

Ludwig von Mises

Language: English

Pages: 276

ISBN: 1451578172

Format: PDF / Kindle (mobi) / ePub


Economist and philosopher, Ludwig von Mises present his "Theory of Money and Credit" by first looking at the nature and value of money, why there is a demand for money, and how it is used as currency. He goes on to explain the purchasing power of money and how it determines economic and monetary policy, often in a way that results in financial melt-downs.

Bargaining and Markets

Structural Adjustment: Theory, Practice and Impacts

The Coffee Paradox: Global Markets, Commodity Trade and the Elusive Promise of Development

The Dismal Science: A Novel

Bloomberg Business Week (2013.06.17 - 2013.06.23)

On Competition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

employment would decrease, since certain quantities would be transferred from the latter employment to the former This all becomes particularly clear if we think of an economic community which does not itself produce the precious metals, but imports them. Here the amount of their cost is expressed by the quantity of commodities that must be surrendered to foreign countries in order to obtain the supplementary quantity of monetary metal in exchange. In a country that itself produces the precious

experience. It was an experience that could be perceived by a much larger public than the narrow circles of those conversant with economic theory. Hence the sound-money idea became one of the most popular points of the liberal program. Friends and foes of liberalism considered it one of the essential postulates of a liberal policy. Sound money meant a metallic standard. Standard coins should be in fact a definite quantity of the standard metal as precisely determined by the law of the country.

Berücksichtigung der geschichtlichen Entwicklung der Lehre (Leipzig, 1899), pp. 98, 115 f. [26] See Hermann, Staatswirtschaftliche Untersuchungen, 2d ed. (Munich, 1870), p. 444; Knies, Das Geld, 2d ed. (Berlin, 1885), p. 324. [27] Knapp, Staatliche Theorie, p. 5. [28] Bendixen, op. cit., p. 134. [29] See Wieser, "Theorie der gesellschaftlichen Wirtschaft," p. 317. [30] [Of which the present work is a translation. H.E.B.] [31] Philippovich, Grundriss (Tübingen, 1916), p. 275. [32] Ibid.

money—it can do so only by taking things that are already in circulation as money substitutes (that is, as perfectly secure and immediately convertible claims to money) and isolating them for purposes of valuation by depriving them of their essential characteristic of permanent convertibility. Commerce would always protect itself against any other method of introducing a government credit currency. The attempt to put credit money into circulation has never been successful, except when the coins

point, and full light thrown on all the delusions with which the authorities attempted as long as possible to obsess the public mind" (Cassel, Money and Foreign Exchange After 1914 [London, 1922], pp. 7 ff.). See Gregory's criticism of the most important etatistic arguments in his Foreign Exchange Before, During and After the War (London, 1921), esp. pp. 65 ff. [4] A leader of the Hungarian Soviet republic said to the author in the spring of 1919: "The paper money issued by the Soviet republic

Download sample

Download