The Theory of Money and Credit
The Theory of Money and Credit is a 1912 economics book written by
Austrian School
of economic thought.
Commodity money exists today. Mises looks at the origin, nature and value of money, and its effect on determining
barter economy
.
Applications
Along with
Principles of Economics, and Eugen von Böhm-Bawerk's Capital and Interest
, the book is one of the foundational works of the Austrian School.
Publication history
- 1912: Vienna: Theorie des Geldes und der Umlaufsmittel.[1]
- 1924: 2nd edition in German.
- 1934: London: Jonathan Cape Ltd. First translation (by Harold E. Batson) into English. The German word Umlaufsmittel literally translates as "means of circulation" and was translated into the text of the English version as "fiduciary media". However, the publisher thought the unusual terminology would irritate readers and substituted "money and credit" in the title, thereby losing the specific distinction Mises had made in selecting his original term.[2]
- 1953: New Haven, Conn.: Yale University Press. Part Four was added by Mises to this English language edition
- 1971: Irvington-on-Hudson, N.Y.: Foundation for Economic Education.
- 1978: Irvington-on-Hudson, N.Y.: Foundation for Economic Education.
- 1981: Indianapolis,. Ind. ISBN 0-913966-71-1).
- 2009: Auburn, Al. Ludwig von Mises Institute. Hardcover
Criticism
According to Michael Hendricks, "the regression theorem does a good job of explaining the creation of money, however it does not necessarily apply to all forms of money."[3]
References
- J.M. Keynes.
- ^ Hülsmann, Jörg Guido, 2007. Mises: The Last Knight of Liberalism. p. 217, note 7.
- ^ Michael Hendricks (6 June 2013). "Reconciling the Regression Theorem with Bitcoin". Seth King. Retrieved 12 December 2014.
External links
- The Theory of Money and Credit, 1953 edition:
- The Theory of Money and Credit, 2009 edition:
- Foreword to the 1981 Edition by Murray Rothbard
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