Printed paper is the least fit to serve as money. Paper destroys the monetary system. Various commodities have been employed until silver and gold and then gold alone won out because its quantity cannot be manipulated by the governments.
Presented at FEE on 3 April 1968.
Includes a portion of the Question and Answer period. [1:07:18]
Ludwig von Mises was the acknowledged leader of the Austrian school of economic thought, a prodigious originator in economic theory, and a prolific author. Mises's writings and lectures encompassed economic theory, history, epistemology, government, and political philosophy. His contributions to economic theory include important clarifications on the quantity theory of money, the theory of the trade cycle, the integration of monetary theory with economic theory in general, and a demonstration that socialism must fail because it cannot solve the problem of economic calculation. Mises was the first scholar to recognize that economics is part of a larger science in human action, a science that he called praxeology.