The Theory of Money and Credit

'The Theory of Money and Credit' is a seminal work written by Austrian economist Ludwig von Mises, first published in 1912. The book is considered a cornerstone in the Austrian School of Economics and provides a comprehensive analysis of the nature, functions, and economic implications of money and credit. In 'The Theory of Money and Credit,' Ludwig von Mises explores the fundamental principles that govern the role of money and credit in economic systems. He delves into the origins of money, the nature of credit, and the impact of monetary policy on economic stability. Mises emphasizes the subjective theory of value and the importance of individual choices in shaping economic phenomena. The book also discusses the business cycle theory, highlighting the role of credit expansion in causing economic booms and subsequent contractions.