This book, written by Mises, remains the most spirited, thorough, and scientifically rigorous treatise on money ever to appear, and it was written for the ages. It made his reputation across Europe and established him as the most important economist of his age. This Mises Institute edition is the first English edition, and it comes complete with an explanatory foreword by Murray Rothbard and a preface by Douglas French.

As Rothbard points out in his introduction to "the best book on money ever written," this classic treatise was the first really great integration of microeconomics and macroeconomics, and it remains the definitive book on the foundations of monetary theory. Economists have yet to absorb all its lessons.

Mises shows that money had its origin in the market, and that its value is based on its usefulness as a commodity in exchange. Step by step, Mises presents the case for sound money without inflation and presents the beginnings of a full-scale business-cycle theory. This edition includes Mises' early blueprint, improved later in life, for a return to a fully backed gold standard and competitive banking.

The book's reputation as the most important work on money ever written is well-deserved. It is a comprehensive and rigorous analysis of the nature and function of money, and it provides a solid foundation for understanding the complexities of the monetary system. Mises' insights into the origins and role of money, as well as his analysis of the effects of inflation and the importance of sound money, have had a lasting impact on the field of economics.

One of the book's key strengths is its integration of microeconomics and macroeconomics. Mises' approach to monetary theory is grounded in a deep understanding of individual human action and the workings of the market, but he is also able to extrapolate these insights to the larger economic system. This allows him to develop a sophisticated and nuanced understanding of the role of money in the economy, and to offer insights that are still relevant today.

Another notable aspect of the book is its emphasis on the importance of sound money and the dangers of inflation. Mises argues that inflation is a form of theft, and that it has pernicious effects on the economy and on individual freedom. His analysis of the business cycle, and his proposal for a return to a fully backed gold standard, have been influential in debates over monetary policy and financial regulation.

Overall, this book is a masterpiece of economic analysis, and it deserves the high praise it has received from scholars and policymakers alike. It is a must-read for anyone interested in understanding the foundations of monetary theory and the role of money in the economy.

product information: