The Theory of Money and Credit

"The idea of sound money cannot be fully understood unless one recognizes its purpose as a safeguard for civil liberties against government encroachment." - from The Theory of Money and Credit

Originally released in 1912, Ludwig von Mises's The Theory of Money and Credit stands as a seminal and contentious work in the realm of economic theory. Von Mises's examination of monetary theory revolutionized economic thought by successfully integrating "macroeconomics" with "microeconomics," a feat previously deemed unachievable. Additionally, he provided insightful explanations regarding the origin, value, and future of money.

Even a century later, von Mises and the Austrian school of economic thought continue to fuel intense debates among economists worldwide, particularly in the pursuit of resolving America's ongoing financial crisis. His theorems continue to serve as a source of inspiration for politicians and market experts who strive to empower individuals and diminish the financial influence of governments. In an added preface from 1952, von Mises implores people around the world to embrace economic truths:

"The significant inflations of our era are not acts of nature. They are man-made or, to be blunt, government-made. They arise from doctrines that ascribe to governments the seemingly magical power of creating wealth out of nothing and promising national prosperity by increasing the 'national income'."