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There Is Money and Then There Are Money Substitutes

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Tags History of the Austrian School of EconomicsMonetary TheoryMoney and BankingPhilosophy and Methodology

01/16/2021Ludwig von Mises

The task at hand is the study of the problems of the determination of prices and interest rates. This task requires a sharp distinction between money-certificates and fiduciary media.

Original Article: "There Is Money and Then There Are Money Substitutes​"

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Author:

Ludwig von Mises

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.

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