The Theory of Money Credit Ludwig von Mises 9781933550558 Books
Download As PDF : The Theory of Money Credit Ludwig von Mises 9781933550558 Books
Mises wrote this book for the ages, and it remains the most spirited, thorough, and scientifically rigorous treatise on money to ever appear. It made his reputation across Europe and established him as the most important economist of his age.
We think this Mises Institute edition is the most beautiful, by far, of any edition in print. It is the first English edition, complete with an explanatory foreword by Murray Rothbard and a preface by Douglas French. The size, look, and feel are just perfect, at once classic and very modern, in a case-wrapped hardback. And the price beats everything.
This classic treatise on monetary theory remains the definitive book on the foundations of monetary theory, and the first really great integration of microeconomics and macroeconomics. As Rothbard points out in his introduction to "the best book on money ever written," economists have yet to absorb all its lessons.
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, Mises presents the case for sound money with no inflation, and presents the beginnings of a full-scale business cycle theory. This edition includes Mises's early blueprint, improved later in life, for a return to a fully backed gold standard and competitive banking.
The Theory of Money Credit Ludwig von Mises 9781933550558 Books
Beware that the reviews on this book are shared between multiple editions from several publishers, and these are _not_ all equivalent. For a book that is such a landmark, the editions available, and the process of choosing one, are a shambles. In particular, some editions, being from different originals, lack some chapters. Some editions are printed in a way that is visually difficult to read, and some are easier to navigate than others.Here's what I learned:
-- 1451578172 Red cover, Pacific Publishing 2010: I have this one, and of the ones reviewed here, it is visually the most readable, but still flawed. At 265 pages of 8" x 10" within normal-looking margins, the the font size is small which, proportionately, makes the line-lengths too long. The substantial visual virtue relative to other editions is that the line spacing is more generous. Its table of contents lists subheadings within chapters, which becomes a useful outline of the book.
Odd pages' footers show chapter name, which eases navigation within the book. Don't know what original edition of Mises' this is based on, but it does include Part 4 (chapters 21-23) and Appendix A "Classification of Monetary Theories", and also Appx B "Translators Note." It has no prefaces or introduction (despite the Biographical Note referring to an Intro by Murray Rothbard.)
Probably the biggest blunder in this edition is that in Chapter 2 there are two or three pages discussing utility, in which the variable beta is introduced. Unfortunatly the character for beta is typeset either as a box, or as nothing at all, rendering most of this discussion meaningless.
-- 1467934879 $100 bills cover, CreateSpace 2011: I have this one, and it's not so desirable. According to Amazon's blurb, this is the text of the 1934 edition, though you wouldn't know if from the book itself which contains absolutely no meta information about the original work, nor about the present publisher or publication date. It contains only only chapters 1-20, with no additional foreward, preface, notes etc. Individual pages are numbered, but have no indication of chapter. Smallest print of all editions here, with the entire 20 chapters in 160 pages. (compared to 225 for the Red cover edition).
-- 098406141X Gold-card-containing-bills cover, Signalman Publishing 2010: I have this, and it contains: Chapters 1-23, Appx A and B (like red cover), and also 3 prefaces: 1952, 1934, 1924, and also an intro by Robbins 1934. This edition is large, printed on 8.5 x 11 inch paper. This would have been a good edition had it made use of the large pages to print the text in two columns. Instead, the lines are spread across the entire page width with only half-inch margins, making for excessive eye movement and unnecessary difficulty connecting each line to the next.
-- 1933550554 Grey-blue closeup of credit card. Study Guide... by Murphy, Von Mises Institute publisher, 2011. The current Amazon description would have you believe that this is perhaps the entire Theory of Money and Credit text plus additional study notes. Actually, the wrong description is being shown. This is only a study guide. The correct description can be found at this other ISBN: 9781610162357, though that one is not available from Amazon.
Anyhow, the study guide is a good idea, with the only shortcoming being that it makes many many references to specific page numbers in the original book, and those page numbers don't match any of the editions listed here.
Hope that helps some other customers trying to sort all this out. I just wish someone would take the time to print this text with all its prefaces, chapters, appendices etc in a reasonable font and layout with a decent TOC and with a proper informative footer.
So, the text gets 5 stars for being a landmark, but I'm knocking off two stars because of the disarray.
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Tags : The Theory of Money & Credit [Ludwig von Mises] on Amazon.com. *FREE* shipping on qualifying offers. Mises wrote this book for the ages, and it remains the most spirited, thorough, and scientifically rigorous treatise on money to ever appear. It made his reputation across Europe and established him as the most important economist of his age. We think this Mises Institute edition is the most beautiful,Ludwig von Mises,The Theory of Money & Credit,Ludwig von Mises Institute,1933550554,B121a,Nonfiction Economics
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The Theory of Money Credit Ludwig von Mises 9781933550558 Books Reviews
If your a person who really wants to understand money, and wants to have a very broad view, three books I would recommend. Secrets of the Temple how the Federal Reserve runs the country-William Greider. A monetary History of the United States-Milton Friedman, and of course this book. Although each of these books has a different philosophy, each of them is meticulously written and well thought out. What makes this book different, is Ludwig is a strict gold standard advocate. In the case of fiat money vs gold, Ludwig would argue, that with Fiat money, which loses its value, those savers will demand a higher rate of interest, or will simply spend more of their money on anything of value. When inflation was 15% to 20% in the 1970s, and the interest rate was 5%, people spent their money on anything that would last, making inflation worse.
He also carries forth a very strong argument for a gold standard in the era of 1873 to 1890. This was when the farmers were losing their land to the strictness of the gold standard. According to William Greider in his previously mentioned book, no new gold was discovered in this era, which made it very difficult on the farmers, they wanted to be able to pay their debt in silver at a fixed price. Ludwig argues that a fixed price for silver cannot work, only a market price can work. If an ounce of gold is worth 30 of silver, and the government fixes it at 15.5, people will pay their debt with one, the cheapest way to pay their debt and accumulate the other. As Gresham would say bad money drives good out.
These are just two of the Hallmarks, of this book. Ludwig is very detailed in his work. A third hallmark would be his central theory. The monetary policy of a nation is affected by its objective exchange value, and its subjective exchange value. Objective exchange value is referring to the actual value of the actual money. If a dollar means an exchange of an ounce of silver, the objective value is the value of the actual metal itself-supply. The subjective value is the way demand is affected. Suppose everybody gets a pay rise of $50 a week. If nobody spends more money, prices won't go up, savings will go up. On the other hand when people do spend that extra money prices will go up.
Another part of subjective value, is the marginal utility part of it. Your first ice cream for the week has more value than the 2nd ice cream. So if you get a pay rise, instead of buying ice cream, you may decide to spend it on a new computer game.
The 5th hallmark is that he understands every kind of form of money. Gold is actualy money, but people used token money, to exchange for that gold. And he talks about every other form of money, like promissory notes. Ludwig is an expert.
Having said this, Milton Friedman and William Greider are also experts. During the period of 1873 to 1890, only rich people had money, and lent at a high rate of interest. Gold was going up in value as their was a shortage. So you had prices going up, at a high rate of interest. William Greider has pointed this out. To this Milton Friedman would say, a 4% increase in the money supply would fix it.
So this means its a very good book on money, but their are others that are also very good and have a different view. I also found that you really, really had to concentrate to read it. Which is what I found with Greider's book. I've also read some of Milton's book, also found it hard to read. So again this is for those who really want to understand money, which is why I read simpler books written by Milton. Finally to avoid any confusion Ludwig is in favour of silver as money, provided the value is set at its market value.
Beware that the reviews on this book are shared between multiple editions from several publishers, and these are _not_ all equivalent. For a book that is such a landmark, the editions available, and the process of choosing one, are a shambles. In particular, some editions, being from different originals, lack some chapters. Some editions are printed in a way that is visually difficult to read, and some are easier to navigate than others.
Here's what I learned
-- 1451578172 Red cover, Pacific Publishing 2010 I have this one, and of the ones reviewed here, it is visually the most readable, but still flawed. At 265 pages of 8" x 10" within normal-looking margins, the the font size is small which, proportionately, makes the line-lengths too long. The substantial visual virtue relative to other editions is that the line spacing is more generous. Its table of contents lists subheadings within chapters, which becomes a useful outline of the book.
Odd pages' footers show chapter name, which eases navigation within the book. Don't know what original edition of Mises' this is based on, but it does include Part 4 (chapters 21-23) and Appendix A "Classification of Monetary Theories", and also Appx B "Translators Note." It has no prefaces or introduction (despite the Biographical Note referring to an Intro by Murray Rothbard.)
Probably the biggest blunder in this edition is that in Chapter 2 there are two or three pages discussing utility, in which the variable beta is introduced. Unfortunatly the character for beta is typeset either as a box, or as nothing at all, rendering most of this discussion meaningless.
-- 1467934879 $100 bills cover, CreateSpace 2011 I have this one, and it's not so desirable. According to 's blurb, this is the text of the 1934 edition, though you wouldn't know if from the book itself which contains absolutely no meta information about the original work, nor about the present publisher or publication date. It contains only only chapters 1-20, with no additional foreward, preface, notes etc. Individual pages are numbered, but have no indication of chapter. Smallest print of all editions here, with the entire 20 chapters in 160 pages. (compared to 225 for the Red cover edition).
-- 098406141X Gold-card-containing-bills cover, Signalman Publishing 2010 I have this, and it contains Chapters 1-23, Appx A and B (like red cover), and also 3 prefaces 1952, 1934, 1924, and also an intro by Robbins 1934. This edition is large, printed on 8.5 x 11 inch paper. This would have been a good edition had it made use of the large pages to print the text in two columns. Instead, the lines are spread across the entire page width with only half-inch margins, making for excessive eye movement and unnecessary difficulty connecting each line to the next.
-- 1933550554 Grey-blue closeup of credit card. Study Guide... by Murphy, Von Mises Institute publisher, 2011. The current description would have you believe that this is perhaps the entire Theory of Money and Credit text plus additional study notes. Actually, the wrong description is being shown. This is only a study guide. The correct description can be found at this other ISBN 9781610162357, though that one is not available from .
Anyhow, the study guide is a good idea, with the only shortcoming being that it makes many many references to specific page numbers in the original book, and those page numbers don't match any of the editions listed here.
Hope that helps some other customers trying to sort all this out. I just wish someone would take the time to print this text with all its prefaces, chapters, appendices etc in a reasonable font and layout with a decent TOC and with a proper informative footer.
So, the text gets 5 stars for being a landmark, but I'm knocking off two stars because of the disarray.
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