The Theory of Money and Credit. Людвиг фон Мизес
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(III) Problems of Credit Policy in the Period Immediately After the War
10 A Return to a Gold Currency
11 The Problem of the Freedom of the Banks
12 Fisher’s Proposal for a Commodity Standard
13 The Basic Questions of Future Currency Policy
PART FOUR MONETARY RECONSTRUCTION
Chapter 21 The Principle of Sound Money
1 The Classical Idea of Sound Money
2 The Virtues and Alleged Shortcomings of the Gold Standard
3 The Full-Employment Doctrine
4 The Emergency Argument in Favor of Inflation
Chapter 22 Contemporary Currency Systems
1 The Inflexible Gold Standard
3 The Freely Vacillating Currency
Chapter 23 The Return to Sound Money
1 Monetary Policy and the Present Trend Toward All-round Planning
3 Currency Reform in Ruritania
4 The United States’ Return to a Sound Currency
5 The Controversy Concerning the Choice of the New Gold Parity
APPENDIX A On the Classification of Monetary Theories (This Appendix was first published as a journal article in 1917–1918, it was later used as a chapter in the 2nd German edition of 1924, but was then relegated to the Appendix in the Batson translation of 1934)
1 Catallactic and Acatallactic Monetary Doctrine
3 Schumpeter’s Attempt to Formulate a Catallactic Claim Theory
5 The Concept of “Metallism” in Wieser and Philippovich
APPENDIX B Translator’s Note on the Translation of Certain Technical Terms
Note on Silver Demereteia of Syracuse (480-479 B.C.)
FOREWORD By Murray N. Rothbard
Ludwig von Mises’ The Theory of Money and Credit is, quite simply, one of the outstanding contributions to economic thought in the twentieth century. It came as the culmination and fulfillment of the “Austrian School” of economics, and yet, in so doing, founded a new school of thought of its own.
The Austrian School came as a burst of light in the world of economics in the 187os and 188os, serving to overthrow the classical, or Ricardian, system which had arrived at a dead end. This overthrow has often been termed the “marginal revolution,” but this is a highly inadequate label for the new mode of economic thinking. The essence of the new Austrian paradigm was analyzing the individual and his actions and choices as the fundamental building block of the economy. Classical economics thought in terms of broad classes, and hence could not provide satisfactory explanations for value, price, or earnings in the market economy. The Austrians began with the actions of the individual. Economic value, for example, consisted of the valuations made by choosing individuals, and prices resulted from market interactions based on these valuations.
The Austrian School was launched by Carl Menger, professor of economics at the University of Vienna, with the publication of his Principles of Economics (Grundsiitze der Volkswirtschaftslehre) in 1871.1 It was further developed and systematized by Menger’s student and successor at Vienna, Eugen von Böhm-Bawerk, in writings from the 188os on, especially in various editions of his multivolume Capital and interest.2 Between them, and building on their fundamental analysis of individual valuation, action, and choice, Menger and Böhm-Bawerk explained all the aspects of what is today called “micro-economics”: utility, price, exchange, production, wages, interest, and capital.
Ludwig von Mises was a “third-generation” Austrian, a brilliant student in Böhm-Bawerk’s famous graduate seminar at the University of Vienna in the first decade of the twentieth century. Mises’ great achievement in The Theory of Money and Credit (published in 1912) was to take the Austrian method and apply it to the one glaring and vital lacuna in Austrian theory: the broad “macro” area of money and general prices.
For monetary theory was still languishing in the Ricardian mold. Whereas general “micro” theory was founded in analysis of individual action, and constructed market phenomena from these building blocks of individual choice, monetary theory was still “holistic,” dealing in aggregates far removed from real choice. Hence, the total separation of the micro and macro spheres. While all other economic phenomena were explained as emerging from individual action, the supply of money was taken as a given external to the market, and supply was thought to impinge mechanistically on an abstraction called “the price level.” Gone was the analysis of individual choice that illuminated the “micro” area. The two spheres were analyzed totally separately, and on very different foundations. This book performed