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The Theory of Money and Credit
by Ludwig von Mises
(20 reviews)
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OUT OF STOCK ON AMAZON
Sales Rank: 12,294
 Item Summary: |
By one of the preeminent theorists of the Austrian school of economics, "The Theory of Money and Credit" represents a major contribution to the science of economics. Von Mises examines the value of money, how it can be measured, and the effects of credit and monetary policy at the nation-state level. Von Mises is well known for advocating a return to the gold standard as a way to eliminate the growth and recession cycles. Given the current economic crises, many people who want a better understanding of economic theory are turning back to this classic work to better understand the role of monetary and credit policy.
 Reviews: |
Too heavy
Great stuff and all, but the text is way too difficult to read without putting a lot of effort in it. Rare and unfamiliar words combined with a complex sentence structure strips this book of its full potential, since the substance is worth five stars easily.
This should be read at some point if you find the subject interesting, but do not start with this.
Essential knowledge for any educated person
I see several comments about it being a difficult read. Well, yeah, it's a college-level read, or at least it was in my time 50 years ago. Today it might be considered challenging for undergraduates. It's a heavy subject, after all, but well worth the effort and essential for making sense of today's terrible economic issues. It's easier going than John Stuart Mill, and my 1971 copy published by the Foundation for Economic Education doesn't read like a translation.
If anyone doubts Mises' foresight of today's out-of-control government, consider the following (from page 427 of my copy):
"The government, in this regard supported by only a minority of the people, believes that there exists an emergency that necessitates a considerable increase in public expenditure and a corresponding austerity in private households. But the majority of the people disagree... However, we deal not with the substance of the conflict but with the methods chosen by the rulers for its solution. They reject the democratic way of persuading the majority. They arrogate to themselves the power and the moral right to circumvent the will of the people. They are eager to win its cooperation by deceiving the public about the costs involved in the measures suggested. While seemingly complying with the constitutional procedures of representative government, their conduct is in effect not that of elected office holders but that of guardians of the people. The elected executive no longer considers himself the people's mandatory; he turns into a Fuehrer."
As Hazlitt's Economics in One Lesson should be mandatory study for all high school students, this book should be mandatory for all college students -- at least for those whose reading level is above Ninja comics.
Great information but difficult to read
Like many other posts, I think that the information is excellent. I also found it very difficult to read and comprehend though. It gets wordy and is just difficult to follow. As another reviewer wrote, the fact that this was translated from German to English may play a role in this. I haven't read other Von Mises books so I cannot compare to them. The only reason I rate this lower is the fact it is difficult to follow.
Fantastic book
If you want to study econ, you should probably read this book. I wish I had read this before I completed my degree.
100 years later and still most accurate book on money
I attend a state school and therefore I am saturated with a healthy content of Keynesian economic bias on a daily basis, and so to read Mises' 'The Theory of Money and Credit' was like a gulp of fresh air. First of all, the Austrian brand of economists write the best books because they actually incorporate the fundamental societal dimensions in which they deduce their conclusions, giving it... A HUMAN ASPECT (an aspect that economics was originally created to understand). A huge change of pace from the disconnected perspective of authors that I have been required to read by my state school.
It was a real joy reading this book, and often had to pry myself away in order to get anything else done! And as I finish this book I can confidently say I leave with a completely transformed general understanding of economics. And not in the same way that an acolyte feels after attending his first cult meeting (which is an analogy many mainstream economists like to ascribe upon Austrians). No, I close this book with the radiant glow of newly obtained knowledge, and for the first time I am reaffirmed in my choice of economics as a major.
Thank you Ludwig von Mises, and I look forward to reading more from you and your Austrian friends F.A. Hayek and Murray Rothbard.
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