On the Manipulation of Money and Credit: Three Treatises on Trade-Cycle Theory

Overview

The three treatises in On the Manipulation of Money and Credit were written in German between 1923 and 1931. Together they include some of Mises's most important contributions to monetary and trade-cycle theories and constitute a precursor to Mises's major work, Human Action. In the first essay, "Stabilization of the Monetary Unit from the Viewpoint of Theory," written during the period of German hyperinflation, Mises discusses the consequences of the fluctuating purchasing power of paper money. He explores such ...

See more details below
Paperback (New Edition)
$11.48
BN.com price
(Save 4%)$12.00 List Price
Other sellers (Paperback)
  • All (11) from $9.00   
  • New (5) from $13.25   
  • Used (6) from $9.00   
On the Manipulation of Money and Credit: Three Treatises on Trade-Cycle Theory

Available on NOOK devices and apps  
  • NOOK Devices
  • NOOK HD/HD+ Tablet
  • NOOK
  • NOOK Color
  • NOOK Tablet
  • Tablet/Phone
  • NOOK for Windows 8 Tablet
  • NOOK for iOS
  • NOOK for Android
  • NOOK Kids for iPad
  • PC/Mac
  • NOOK for Windows 8
  • NOOK for PC
  • NOOK for Mac
  • NOOK Study
  • NOOK for Web

Want a NOOK? Explore Now

NOOK Book (eBook - None)
$9.99
BN.com price

Overview

The three treatises in On the Manipulation of Money and Credit were written in German between 1923 and 1931. Together they include some of Mises's most important contributions to monetary and trade-cycle theories and constitute a precursor to Mises's major work, Human Action. In the first essay, "Stabilization of the Monetary Unit from the Viewpoint of Theory," written during the period of German hyperinflation, Mises discusses the consequences of the fluctuating purchasing power of paper money. He explores such ideas as the outcome of inflation, that is, the result of the increase in the amount of money, and an emancipation of monetary value from the influence of government.

The second essay, "Monetary Stabilization and Cyclical Policy," written in 1928, presents Mises's business-cycle theory. Published on the eve of the Great Depression, the treatise critiques schemes for stabilizing prices and for "measuring" purchasing power.

The third piece, "The Causes of the Economic Crisis," is a speech Mises delivered in 1931 exploring the nature and role of the market and cyclical changes in business conditions. He assesses the causes and effects of the crisis of the time and discusses various potential solutions to the problems of the Depression.

Ludwig von Mises (1881–1973) was the leading spokesman of the Austrian School of economics throughout most of the twentieth century. He earned his doctorate in law and economics from the University of Vienna in 1906. In 1926, Mises founded the Austrian Institute for Business Cycle Research. From 1909 to 1934, he was an economist for the Vienna Chamber of Commerce. Before the Anschluss, in 1934 Mises left for Geneva, where he was a professor at the Graduate Institute of International Studies until 1940, when he emigrated to New York City. From 1948 to 1969, he was a visiting professor at New York University.

Bettina Bien Greaves is a former resident scholar, trustee, and longtime staff member of the Foundation for Economic Education. She has written and lectured extensively on topics of free market economics. Her articles have appeared in such journals as Human Events, Reason, and The Freeman: Ideas on Liberty. A student of Mises, Greaves has become an expert on his work in particular and that of the Austrian School of economics in general. She has translated several Mises monographs, compiled an annotated bibliography of his work, and edited collections of papers by Mises and other members of the Austrian School.

Read More Show Less

Product Details

  • ISBN-13: 9780865977624
  • Publisher: Liberty Fund, Incorporated
  • Publication date: 8/25/2011
  • Series: Lib Works Ludwig Von Mises PB
  • Edition description: New Edition
  • Pages: 250
  • Sales rank: 501,616
  • Product dimensions: 6.00 (w) x 8.90 (h) x 0.60 (d)

Table of Contents

Foreword  xiii

STABILIZATION OF THE MONETARY UNIT—
FROM THE VIEWPOINT OF THEORY (1923)  1

Introduction  3

CHAPTER I The Outcome of Inflation
1 Monetary Depreciation  5
2 Undesired Consequences  8
3 Effect on Interest Rates  9
4 The Run from Money  10
5 Effect of Speculation  11
6 Final Phases  12
7 Greater Importance of Money to a Modern Economy  13

CHAPTER II The Emancipation of Monetary Value
from the Influence of Government
1 Stop Presses and Credit Expansion  15
2 Relationship of Monetary Unit to World Money—Gold  16
3 Trend of Depreciation  17

CHAPTER III The Return to Gold
1 Eminence of Gold  19
2 Sufficiency of Available Gold  20

CHAPTER IV The Money Relation
1 Victory and Inflation  22
2 Establishing Gold “Ratio”  23

CHAPTER V Comments on the “Balance
of Payments” Doctrine
1 Refined Quantity Theory of Money  26
2 Purchasing Power Parity  27
3 Foreign Exchange Rates  28
4 Foreign Exchange Regulations  30

CHAPTER VI The Inflationist Argument
1 Substitute for Taxes  32
2 Financing Unpopular Expenditures  33
3 War Reparations  34
4 The Alternatives  35
5 The Government’s Dilemma  37

CHAPTER VII The New Monetary System
1 First Steps  39
2 Market Interest Rates  41

CHAPTER VIII The Ideological Meaning of Reform
1 The Ideological Conflict  43

Appendix. Balance of Payments and Foreign Exchange Rates  45

MONETARY STABILIZATION AND
CYCLICAL POLICY (1928)  51

Preface  53

PART I Stabilization of the Purchasing Power of the
Monetary Unit

CHAPTER I The Problem
1 “Stable Value” Money  59
2 Recent Proposals  60

CHAPTER II The Gold Standard
1 The Demand for Money  62
2 Economizing on Money  64
3 Interest on “Idle” Reserves  66
4 Gold Still Money  68

CHAPTER III The “Manipulation” of the Gold Standard
1 Monetary Policy and Purchasing Power of Gold  69
2 Changes in Purchasing Power of Gold  71

CHAPTER IV “Measuring” Changes in the Purchasing
Power of the Monetary Unit
1 Imaginary Constructions  73
2 Index Numbers  76

CHAPTER V Fisher’s Stabilization Plan
1 Political Problem  79
2 Multiple Commodity Standard  80
3 Price Premium  81
4 Changes in Wealth and Income  83
5 Uncompensatable Changes  85

CHAPTER VI Goods-induced and Cash-induced Changes
in the Purchasing Power of the Monetary Unit
1 The Inherent Instability of Market Ratios  87
2 The Misplaced Partiality to Debtors  89

CHAPTER VII The Goal of Monetary Policy
1 Liberalism and the Gold Standard  92
2 “Pure” Gold Standard Disregarded  93
3 The Index Standard  94

PART II Cyclical Policy to Eliminate Economic Fluctuations

CHAPTER I Stabilization of the Purchasing Power of the
Monetary Unit and Elimination of the
Trade Cycle
1 Currency School’s Contribution  99
2 Early Trade Cycle Theories  100
3 The Circulation Credit Theory  102

CHAPTER II Circulation Credit Theory
1 The Banking School Fallacy  105
2 Early Effects of Credit Expansion  107
3 Inevitable Effects of Credit Expansion on Interest Rates  109
4 The Price Premium  110
5 Malinvestment of Available Capital Goods  110
6 “Forced Savings”  112
7 A Habit-forming Policy  113
8 The Inevitable Crisis and Cycle  114

CHAPTER III The Reappearance of Cycles
1 Metallic Standard Fluctuations  117
2 Infrequent Recurrences of Paper Money Inflations  118
3 The Cyclical Process of Credit Expansions  119
4 The Mania for Lower Interest Rates  121
5 Free Banking  123
6 Government Intervention in Banking  125
7 Intervention No Remedy  126

CHAPTER IV The Crisis Policy of the Currency School
1 The Inadequacy of the Currency School  128
2 “Booms” Favored  130

CHAPTER V Modern Cyclical Policy
1 Pre–World War I Policy  131
2 Post–World War I Policies  132
3 Empirical Studies  133
4 Arbitrary Political Decisions  135
5 Sound Theory Essential  137

CHAPTER VI Control of the Money Market
1 International Competition or Cooperation  139
2 “Boom” Promotion Problems  141
3 Drive for Tighter Controls  142

CHAPTER VII Business Forecasting for Cyclical Policy
and the Businessman
1 Contributions of Business Cycle Research  145
2 Difficulties of Precise Prediction  146

CHAPTER VIII The Aims and Method of Cyclical Policy
1 Revised Currency School Theory  148
2 “Price Level” Stabilization  149
3 International Complications  150
4 The Future  151

THE CAUSES OF THE ECONOMIC CRISIS (1931)  153

CHAPTER I The Nature and Role of the Market
1 The Marxian “Anarchy of Production” Myth  155
2 The Role and Rule of Consumers  156
3 Production for Consumption  157
4 The Perniciousness of a “Producers’ Policy”  158

CHAPTER II Cyclical Changes in Business Conditions
1 Role of Interest Rates  160
2 The Sequel of Credit Expansion  161

CHAPTER III The Present Crisis
A. Unemployment

1 The Market Wage Rate Process  164
2 The Labor Union Wage Rate Concept  165
3 The Cause of Unemployment  166
4 The Remedy for Mass Unemployment  167
5 The Effects of Government Intervention  168
6 The Process of Progress  169

B. Price Declines and Price Supports

1 The Subsidization of Surpluses  170
2 The Need for Readjustments  172

C. Tax Policy

1 The Anti-capitalistic Mentality  173

D. Gold Production

1 The Decline in Prices  174
2 Inflation as a “Remedy”  176

CHAPTER IV Is There a Way Out?
1 The Cause of Our Difficulties  177
2 The Unwanted Solution  178

THE CURRENT STATUS OF BUSINESS
CYCLE RESEARCH AND ITS PROSPECTS FOR
THE IMMEDIATE FUTURE (1933)  179
1 The Acceptance of the Circulation Credit Theory
of Business Cycles  181
2 The Popularity of Low Interest Rates  182
3 The Popularity of Labor Union Policy  184
4 The Effect of Lower than Unhampered Market
Interest Rates  184
5 The Questionable Fear of Declining Prices  185

THE TRADE CYCLE AND CREDIT EXPANSION:
THE ECONOMIC CONSEQUENCES OF CHEAP MONEY (1946)  187
1 Introductory Remarks  189
2 The Unpopularity of Interest  189
3 The Two Classes of Credit  191
4 The Function of Prices, Wage Rates
and Interest Rates  192
5 The Effects of Politically Lowered Interest Rates  194
6 The Inevitable Ending  198

Index  199

Read More Show Less

Customer Reviews

Be the first to write a review
( 0 )
Rating Distribution

5 Star

(0)

4 Star

(0)

3 Star

(0)

2 Star

(0)

1 Star

(0)

Your Rating:

Your Name: Create a Pen Name or

Barnes & Noble.com Review Rules

Our reader reviews allow you to share your comments on titles you liked, or didn't, with others. By submitting an online review, you are representing to Barnes & Noble.com that all information contained in your review is original and accurate in all respects, and that the submission of such content by you and the posting of such content by Barnes & Noble.com does not and will not violate the rights of any third party. Please follow the rules below to help ensure that your review can be posted.

Reviews by Our Customers Under the Age of 13

We highly value and respect everyone's opinion concerning the titles we offer. However, we cannot allow persons under the age of 13 to have accounts at BN.com or to post customer reviews. Please see our Terms of Use for more details.

What to exclude from your review:

Please do not write about reviews, commentary, or information posted on the product page. If you see any errors in the information on the product page, please send us an email.

Reviews should not contain any of the following:

  • - HTML tags, profanity, obscenities, vulgarities, or comments that defame anyone
  • - Time-sensitive information such as tour dates, signings, lectures, etc.
  • - Single-word reviews. Other people will read your review to discover why you liked or didn't like the title. Be descriptive.
  • - Comments focusing on the author or that may ruin the ending for others
  • - Phone numbers, addresses, URLs
  • - Pricing and availability information or alternative ordering information
  • - Advertisements or commercial solicitation

Reminder:

  • - By submitting a review, you grant to Barnes & Noble.com and its sublicensees the royalty-free, perpetual, irrevocable right and license to use the review in accordance with the Barnes & Noble.com Terms of Use.
  • - Barnes & Noble.com reserves the right not to post any review -- particularly those that do not follow the terms and conditions of these Rules. Barnes & Noble.com also reserves the right to remove any review at any time without notice.
  • - See Terms of Use for other conditions and disclaimers.
Search for Products You'd Like to Recommend

Recommend other products that relate to your review. Just search for them below and share!

Create a Pen Name

Your Pen Name is your unique identity on BN.com. It will appear on the reviews you write and other website activities. Your Pen Name cannot be edited, changed or deleted once submitted.

 
Your Pen Name can be any combination of alphanumeric characters (plus - and _), and must be at least two characters long.

Continue Anonymously

    If you find inappropriate content, please report it to Barnes & Noble
    Why is this product inappropriate?
    Comments (optional)