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: "Monetary calculation and cost accounting constitute the most important intellectual tool of the capitalist entrepreneur, and it was no one less than Goethe who pronounced the system of double-entry bookkeeping one of the finest inventions of the human mind." - Liberalism