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The Theory of Money and Credit opened new vistas. It integrated monetary theory into the main body of economic analysis for the first time, providing fresh new insights into the nature of money and its role in the economy. As the well-known "Austrian" economist Rothbard writes in his new foreword: "This book performed the mighty feat of integrating monetary with micro theory, of building monetary theory upon the individualistic foundations of general economic analysis."
Posted March 8, 2011
While I found this book very interesting, the real "pay-off" is in the final 3 or 4 chapers where Mises summarizes the arguments for the gold-standard and, most importantly, the inevitable effects of government-issued fiduciary media (non-asset-backed money).
This book will demonstrate that principled thinking and rational analyses of historical episodes lead to practical obersvations that appear uncannily predictive of what is happening right now -- even though this book was written over 50 years ago.
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Posted July 29, 2011
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