Melchior Palyi (1892–1970) was an American citizen of Hungarian
descent — a distinguished, internationally recognized educator,
author, economist, and financial expert.
He taught in the Universities of Kiel, Goettingen, and Berlin.
In 1928 he was appointed chief economist to the Deutsch Bank in Berlin.
From 1931 to 1933 he served in the capacity of scientific advisor to the Reichsbank of Germany.
In the United States, he taught at the Universities of Chicago, Wisconsin, and Northwestern. He acquired a national reputation as a scientific and popular writer, public lecturer, radio commentator and consulting economist.
Ludwig von Mises: "If one wants to study the reasons for Europes backwardness, it would be necessary to examine the manifold laws and regulations that prevented in Europe the establishment of an equivalent of the American drug store and crippled the evolution of chain stores, department stores, super markets and kindred outfits." - Planning for Freedom