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The Theory of Money and Credit

4.25  ·  Rating details ·  828 ratings  ·  27 reviews
The Theory of Money and Credit 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 and bringing Mises into the front rank of European economists.The Theory of Money and Credit also presented a new monetary theory of the trade cycle, which, under further d ...more
Hardcover, 544 pages
Published July 1st 1981 by Liberty Fund Inc. (first published 1912)
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4.25  · 
Rating details
 ·  828 ratings  ·  27 reviews


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Luis Jiménez
Jan 11, 2011 rated it it was amazing
If you want to become like Jim Rogers, Marc Faber, Peter Schiff, you need to read and understand this book, otherwise you will be only an amateur on financial markets, this book alone with Mises 1928 monograph are the best books on money ever, becareful you need to have some background on Menger,Bohm-Bawerk and Banking theories, Take a breath and open your mind into the best book on money ever !
Charles Allan
Jan 15, 2013 rated it really liked it
Shelves: economics
As most of the Western world continues to believe that monetization of debt has no real consequences, it is important to point out that not everyone shares this view.

Ludwig von Mises's The Theory of Money and Credit takes the opposite view. This book belongs to what is called "The Austrian School" - the concept that the expansion of the money supply and/or credit will have real - although not always apparent - consequences.

The heart of much contention is a debate over the nature of economic acti
...more
Alkek Library
Jan 07, 2013 rated it really liked it
Shelves: economics
As most of the Western world continues to believe that monetization of debt has no real consequences, it is important to point out that not everyone shares this view.

Ludwig von Mises's The Theory of Money and Credit takes the opposite view. This book belongs to what is called "The Austrian School" - the concept that the expansion of the money supply and/or credit will have real - although not always apparent - consequences.

The heart of much contention is a debate over the nature of economic acti
...more
Kenn
Apr 17, 2010 rated it really liked it
This was surprisingly readable once I got into it (I expected von Mises to be impenetrable). Critics will say it has not aged well since some things von Mises posits as impossible have come to pass. I'm actually not sure our current, completely-untethered-to-gold money system will remain indefinitely intact, but I doubt von Mises would have believed it would endure 35+ years, which it has. Still, I found myself agreeing with the basic thesis that money is too important to entrust to government, ...more
David Mears
Jun 07, 2013 rated it really liked it
a dense and somewhat difficult book on the nature of money, the reasons for interest, the effects of inflation, and the justifications for metal currency. The arguments that it refutes soundly I still hear today, but they are no more correct now than then, and I think this holds up quite well with the passing of time, and is a good point of reference for arguments against deficit spending and inflationary policies. Far more self consistent than the competition.
Arsen Zahray
Mar 05, 2016 rated it liked it
This is a nice booklet, but Human Action is a better book, and it contains a section on monetary policy, and this book doesn't add anything to it
Jared Tobin
Feb 05, 2018 rated it it was amazing
Being on a particular topic in economics, The Theory of Money and Credit struck me as a clearer and more focused effort than did Mises's magnus opus, the possibly better-known Human Action. There is no waxing on the virtues of praxeology here; instead, Mises writes exhaustively and with precision solely on the natures of money and credit, and almost always with a dispassionate, analytical, and careful disposition (pace Rothbard, for example). The result is a lengthy tome on money and credit, wri ...more
Hodey Johns
Amazing concepts, more about currency than economy. Very hard to read, doesn't flow well, but the single line quotes are among the best you'll find in any novel.
Chris Richardson
Apr 18, 2018 rated it really liked it
Dense
Sean Rosenthal
Jun 14, 2013 rated it really liked it
Interesting Quotes:

"Arguments from authority are invalid; the proof of a theory is in its reasoning, not in its sponsorship."

-Ludwig von Mises, the Theory of Money and Credit

"The increase in the quantity of money does not mean an increase of income for all individuals. On the contrary, those sections of the community that are the last to be reached by the additional quantity of money have their incomes reduced, as a consequence of the decrease in the value of money called forth by the increase
...more
Adrián Sánchez
Es otra de las obras de economistas austríacos que describen la realidad actual, a pesar de que tiene más de 100 años de haber sido publicado, en este se explica con detalle el ciclo económico y cómo debido a la manipulación centralizada del dinero pueden causar crisis económicas, es decir, las deliberadas y arbitrarias medidas de los banco centrales crean señales erróneas en el mercado sobre el comportamiento del dinero creando la típicas burbujas que conocemos actualmente.

Me sorprende que esta
...more
Aaron Crofut
Aug 02, 2010 rated it it was ok
I've read many books that could be described as dry or dense and they all seem to deal with the field of economics. I didn't find much to really disagree with but I also didn't find a whole lot that really stuck with me, either. I found myself skimming over large sections of review of 19th century economics/economic theory or sections that just repeated what the author had said already or sections that stated the obvious. Not worth the time in my opinion.
Gary
Jan 22, 2010 rated it really liked it
Alright this book took me sometime to digest. It wasn't that Mises wasn't clear enough, I just lacked the education to comprehend his theories in total. I would say the Theory of Moeny and Credit is for those who have already grasped the basics of the Austrian school and want to push a little deeper. A great book but know that you are taking on a giant here with giant ideas. Start with Hazlitt in Economics in One Lesson first.
Josh Hanson
Feb 09, 2010 rated it really liked it
Shelves: economics
Many of Mises' works are clear and highly readable. The Theory of Money and Credit (as one of his earliest works, written in German) was translated in a relatively complicated style, and requires a bit more concentration than his other works.
Nefeli Katsafourou
Dec 14, 2012 rated it really liked it
Απρόβλεπτα κατανοητό και ευκολοδιάβαστο.
Darrel Pfingston
Jan 25, 2013 rated it really liked it
written over 100 years ago--still fresh.
Stephen
Apr 21, 2012 rated it really liked it
Only for those who really have a thirst to understand the subject.
J.W. Wexford
Very interesting read, but very, very long winded.
Herb Lust
Jan 31, 2013 rated it it was amazing
His description of how money evolved was great. His view on how booms becomes busts is on point.
Anthony Francavilla
Jul 24, 2012 rated it it was amazing
Simply amazing.

In light of QE3 and reading this book I am now terrified of inflation.
William Kyle Spratt
Nov 23, 2015 rated it it was amazing
One of the most important books I've ever read.
Kathryn Muratore
Jan 30, 2011 rated it liked it
This was not as difficult to read as I expected, but it was difficult to truly understand. It's a classic, so I'm glad to have read it.
Adedamola
May 09, 2015 rated it really liked it
This book is so nice and it has also be of help...
Darren
Apr 28, 2016 rated it really liked it
Shelves: economics
This is a difficult book to read, though if you slog through it, you will learn quite a bit.
Frank Anderson
Mar 25, 2012 rated it really liked it  ·  review of another edition
great book on theory. heavy though like a text book. fine print too.
Isaac Clemente ríos
rated it really liked it
Apr 22, 2015
Pantelis Vlassis
rated it it was amazing
Oct 21, 2015
Mr. David
rated it it was amazing
Mar 05, 2015
Anthony McKnight
rated it really liked it
Oct 03, 2017
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Ludwig Heinrich Edler von Mises (German pronunciation: [ˈluːtvɪç fɔn ˈmiːzəs]; September 29, 1881 – October 10, 1973) was an Austrian economist, historian, philosopher, author, and classical liberal who had a significant influence on the modern free-market libertarian movement and the Austrian School.
“To a naive observer, money made out of precious metal was 'sound money' because the piece of precious metal was an 'intrinsically' valuable object, while paper money was 'bad money' because its value was only 'artificial'. But even the layman who holds this opinion accepts the money in the course of business transactions, not for the sake of its industrial use-value, but for the sake of its objective exchange-value, which depends largely upon its monetary employment. He values a gold coin not merely for the sake of its industrial use-value, say because of the possibility of using it as jewellery, but chiefly on account of its monetary utility. But, of course, to do something, and to render an account to oneself of what one does and why one does it, are quite different things.” 3 likes
“The role played by man in production always consists solely in combining his personal forces with the forces of Nature in such a way that the cooperation leads to some particular desired arrangement of material. No human act of production amounts to more than altering the position of things in space and leaving the rest to Nature.” 2 likes
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