"It is impossible to grasp the meaning of the idea of sound money
if one does not realize that it was devised as an instrument for
the protection of civil liberties against despotic inroads on the
part of governments." - from "The Theory of Money and Credit"
Originally published in 1912, Ludwig von Mises's "The Theory of
Money and Credit" remains today one of economic theory's most
influential and controversial treatises. Von Mises's examination
into monetary theory changed forever the world of economic thought
when he successfully integrated "macroeconomics" into
"microeconomics" --previously deemed an impossible task --as well
as offering explanations into the origin, value and future of
money.
One hundred years later, von Mises and the Austrian school of
economic theory are still fiercely debated by world economists in
their search for the solution to America's current financial
crisis. His theorems continue to inspire politicians and market
experts who aim to raise up the common man and reduce the financial
power of governments. In a preface added in 1952, von Mises urges
the people of the world to see economic truth:
"The great inflations of our age are not acts of God. They are
man-made or, to say it bluntly, government-made. They are the
off-shoots of doctrines that ascribe to governments the magic power
of creating wealth out of nothing and of making people happy by
raising the 'national income.'"
"The best book on money ever written." --Murray Rothbard, economist
and historian
"The greatest economist of the twentieth century." --Sandeep
Jaitly, economist
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