The Life, Times, and Work of Ludwig von Mises

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3. Theory of Money and Credit

  • The Life Times and Work of Mises

Tags BiographiesHistory of the Austrian School of EconomicsMoney and BankingPhilosophy and Methodology

07/24/2007Jörg Guido Hülsmann

This 1912 book is Mises’ first great theory. Mises agreed with Menger about the spontaneous emergence of money. No government is needed. Mises used a logical proof called the regression theory. It explained why money is demanded in its own right.

Five major contributions Mises made were: 1) the nature of money, 2) a theory of the value of money, 3) the presence of (Cantillon) redistribution effects, 4) purchasing power parity of exchange rates, and 5) a theory of the business cycle.

Lecture 3 of 10 from The Life, Times, and Work of Ludwig von Mises, a George and Joele Eddy Seminar.

Theory of Money and Credit | Jörg Guido Hülsmann


Contact Jörg Guido Hülsmann

Jörg Guido Hülsmann is senior fellow of the Mises Institute where he holds the 2018 Peterson-Luddy Chair and was director of research for Mises Fellows in residence 1999-2004.  He is author of Mises: The Last Knight of Liberalism and The Ethics of Money Production. He teaches in France, at Université d'Angers. His full CV is here.

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