The Theory of Money and Credit

Ludwig von Mises shows how money had its origin in the market, and how its value is based on its usefulness as a commodity in exchange. In a step-by-step manner, he presents the case for sound money with no inflation, and presents the beginnings of a full-scale business cycle theory.

The Theory of Money and Credit is the classic treatise on monetary theory remains the definitive integration of microeconomics and macroeconomics. First published in 1912 — and remaining in print since that time — it catapulted Mises into the ranks of Europe’s most respected economists.