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The Ludwig von Mises Institute dedicates this volume
to all of its generous donors and wishes to thank
these Patrons, in particular:
Frederick L. Maier
John H. Bolstad
J. Robert and Rita Bost
John E. Burgess
Jeremy and Helen Davis
Kevin P. Duffy
Kevin R. Griffin
Thomas Kommer
Title Page
Sound and Unsound
Joseph T. Salerno
Copyright Page
2nd printing
© 2010 by the Ludwig von Mises Institute and published under the Creative Commons Attribution License 3.0.
http://creativecommons.org/licenses/by/3.0/
Ludwig von Mises Institute
518 West Magnolia Avenue
Auburn, Alabama 36832
mises.org
ISBN: 978-1-933550-93-0
Acknowledgements
ACKNOWLEDGEMENTS
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Introduction
INTRODUCTION
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T he twenty-six essays collected in this book were published over the last three decades in a variety of academic journals, scholarly books, policy report series, and periodicals aimed at the non-specialist. Several were originally published in electronic periodicals. They share a common theme despite the fact that they were written at different times and for disparate audiences. This theme may be broadly summed up in the term “sound money” as defined by Ludwig von Mises. According to Mises:
Part One: Foundations of Monetary Theory
CHAPTER 1
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2. Ludwig von Mises’s Monetary Theory in Light of Modern Monetary Thought
CHAPTER 2
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3. The “True” Money Supply: A Measure of the Supply of the Medium of Exchange in the U.S. Economy
CHAPTER 3
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The “True” Money Supply: A Measure of the Supply of the Medium of Exchange in the U.S. Economy
The “True” Money Supply (TMS), developed by Professor Murray Rothbard and the present author,1 is an admittedly imperfect attempt to provide a statistical measure of money that is consistent with the theoretical definition of money as the general medium of exchange in society.2
4. A Simple Model of the Theory Of Money Prices
CHAPTER 4
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5. International Monetary Theory
CHAPTER 5
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