Mises Daily
Author:
Dan Sanchez
Online Publish Date:
In chapter 1 of his groundbreaking treatise, The Theory of Money and Credit , Ludwig von Mises explains what money is : a universally, or at least commonly, used medium of exchange. In chapter 2 , Mises stresses what money is not . Contrary to the common fallacy, it is not a measure of value. According to Mises, the notion of money as a measure of