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: "Only stilted pedants can conceive the idea that there are absolute norms to tell what is beautiful and what is not. They try to derive from the works of the past a code of rules with which, as they fancy, the writers and artists of the future should comply. But the genius does not cooperate with the pundit." - Theory and History