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: "Despots and democratic majorities are drunk with power. They must reluctantly admit that they are subject to the laws of nature. But they reject the very notion of economic law . . . economic history is a long record of government policies that failed because they were designed with a bold disregard for the laws of economics." - Austrian Economics: An Anthology