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."
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