Footnote

Translator?s Preface

Ludwig von Mises (1881-1973) was for many years the acknowledged ?dean? of the Austrian School of Economics. He was a careful scholar and a prolific author. His economic writings spanned 70 years?from 1902 to 1972. The translator and editor of this volume were privileged to attend his graduate seminar at New York University for 18 and 19 years respectively. As a matter of fact, it was his frequent remarks about the importance of languages for economics that led the translator to undertake the serious study of German and to embark upon these translations.

More years than I care to admit have passed since they were started. In the course of those years, this translator has attained some proficiency in the German language, greater respect for the fine distinctions in meanings of various English words and a considerably improved understanding of economics, especially of the theories and contributions of Ludwig von Mises.

Mises was critical of most translations. His rather dim view of translations in general and of translations of his books in particular grew out of his wide reading, his extensive knowledge of books and his familiarity with several languages. He often pointed out that customs, practices and concepts as sociated with one language may have no counterpart in another, so as to be indescribable in a second language. Thus, he was convinced that it was difficult, sometimes impossible, to express faithfully in a second language an author?s original ideas and meaning. In Mises? view, therefore, it was a rare [p. xii] translator who could capture the essence and flavor of an original work.

Knowing this attitude of Mises toward translations, it may appear presumptuous on my part to have attempted to translate these essays of his from the German. However, it seemed that students should have access to them in the English language, as they deal with subjects of tremendous importance today. So it became my hope and ambition to present in English as faithful an interpretation of Mises? true meaning as possible. With this goal in mind, I often puzzled and agonized for many hours over single passages.

Professor Mises had known for some time that I was working on these translations, but he refrained from any special comment until he learned that they would be reviewed and edited by my husband, Percy L. Greaves, Jr. His letter to me, approving the publication of my translations, was dated Sep tember 27, 1971. It read in part as follows:

It is my further request that your translations be carefully reviewed and edited by your husband, Percy L. Greaves, Jr., to assure that they present, as far as possible, a faithful English language interpretation of my ideas originally expressed in German.

I can still visualize his smile as he signed the letter of authorization with that proviso.

Our editor?s familiarity with Mises and with his economic contributions dates from 1944 when he ?discovered? Mises? Bureaucracy and Omnipotent Government, both published that same year. Mr. Greaves already had a broad background in economics through his graduate studies, his Washington experiences and his various business positions in this country and abroad. Yet, he had not found satisfactory answers to many of the complex economic events of the day. Not one of the many economists, early or late, whose works he had studied, offered what he considered a logical explanation for the ?great depression? of the 1930's and the trade cycle?perhaps the most complex economic phenomena of all. Only in the works of Mises did he find explanations for these problems that had puzzled him. [p. xiii]

After reading Mises? Human Action (1949), Mr. Greaves enrolled at New York University in the fall of 1950 to attend Mises? graduate seminar in economic theory. The more Greaves read of Mises? writings, the more he appreciated Mises intellectually. He continued to participate in Mises? seminar regularly until Mises retired in 1969. Greaves? understanding and appreciation of Mises? contributions increased through the years. Also as time passed, the two men became close personal friends and they sometimes lectured from the same platform.

Mises and Greaves often discussed economics together. On such occasions, Greaves frequently questioned Mises closely as to his preferred terminology, his precise explanation of some theoretical problem or the exact meaning of an obscure passage in one of his books. Thus Greaves became in time the Professor?s closest student, more thoroughly familiar with Mises? thinking in economics than anyone else, certainly well qualified to interpret and explain Mises? writings and ideas.⁽¹⁾

Realizing other students of Mises? works would not have the exceptional opportunity he had had to question Mises closely and to learn from him personally, Greaves began to prepare a detailed glossary for Mises? major work, Human Action. The Professor himself reviewed and approved most of the entries. Greaves? glossary, Mises Made Easier: A Glossary for Ludwig von Mises? HUMAN ACTION, was a 1974 publication of Free Market Books.

To this translator, who had struggled over the precise meaning of every word in the German texts, our editor often seemed over-critical in his comments on the translated version. At times I resented his questioning the wording of a sentence and his frequent insistence that I re-check the original German text. The two of us often spent hours, with dictionaries and thesaurus at hand, discussing the most suitable words to use in translating a specific phrase. Yet I must [p. xiv] admit, now that the task is done, that?thanks to our editor?s persistence, patience and intransigence?the translation is tremendously improved. It is clearer and more theoretically precise in many places than it would have been without his editing. This translator is the first to admit, therefore, that the editor?s contributions to this translation should help to make Mises? theories substantially easier for students to understand. I am exceedingly grateful to my husband for the many hours, the meticulous care and the conscientious attention he has devoted to this editorial task.

A few comments now on some specific features incorporated in this volume which editor and translator hope will contribute to making it readily comprehensible:

(a)       The Roman numeral headings are translated from the German chapter titles.

(b)       The editor has inserted the sub-heads, introduced by Arabic numerals, which should help readers to understand the complex theoretical ideas dealt with.

(c)       The footnotes which have been translated from the original text are all indicated by Professor Mises? initials, ?LvM.?

(d)       Quite a few footnotes have been added. Responsibility for these footnotes, without initials, rests jointly with editor and translator. When possible, Mises? citations of German-language works have been changed to refer to English-language versions. Also for the sake of clarity, a few explanatory words or comments have been inserted by editor and translator. These inserts appear within square ? brackets.

(e)       When reference is made to Mises? Human Action the pages cited are to the Third Revised Edition (Regnery, 1966), unless specifically otherwise stated. However, as the paging of the unfortunate, typographically ?mangled,? second New Revised Edition (Yale, 1963) is essentially the same, students should also be able to locate the cited passages there as well. [p. xv]

(f)       Readers may be confident thanks to the editor that the many technical terms and details concerning money, banking and business, with which this translator was not fully familiar, are used correctly and in their proper context.

(g)       Mises, pessimistic in many regards, remained surprisingly optimistic with respect to the historical knowledge and economic understanding he might expect of new students and readers of his books. Thus he often referred in his writings, without elaboration, to persons and economic doctrines with which many readers may not be familiar. As he used many of the same terms and concepts in the pieces in this collection that he did in Human Action, frequent reference is made to the pertinent entries in the editor?s glossary, Mises Made Easier. This glossary is referred to throughout by its initials, ?MME.?

(h)       A list of Mises? contributions in the fields of money, credit and cyclical theory, compiled by the translator, is included in the Appendix. Although based on the bibliography of Mises? works which she did in 1970, it includes quite a few titles which she did not learn about until later. Thus, in this field it is considerably more complete.

It is my sincere hope that these translations of Mises? essays correctly present his ideas on monetary theory as they originally appeared in German. If so, this volume should help Mises? teachings become more widely read and the economic theories of the Austrian School as he expounded them become better understood.

BETTINA BIEN GREAVES

1.       In commenting on Greaves? Understanding the Dollar Crisis (Western Islands, 1973), Professor Mises wrote in part: ?Professor Greaves has an exceptional understanding of free market theory and its application to money.? [p. xvii]