The Austrian Theory of Money and Credit

Considering the timing of this wonderful study guide to the best book ever written on money and credit, it is remarkable that the book itself was written 100 years ago. In the face of the world economy's current financial and debt crisis, where Keynesianism and fiat money have completely failed, Ludwig von Mises's masterwork stands as a beacon, laying out the whole correct theory of money: it should be sound, solid, and market controlled.

This guide to Mises's book offers a valuable resource, as the work's voice remains strong and relevant even after a century. Mises wrote it as a warning against central banking, accurately predicting that this institution would produce more instability, inflation, debt, and deep danger to the pillars of prosperity than ever before.

In this new guide, Robert Murphy takes the reader through Mises's book chapter by chapter, providing summaries, points for discussion, and study questions, while assessing the book in light of modern history. Most importantly, Mises's book teaches the theory of money, and with Professor Murphy's guidance, readers will understand the origins of money, its functions, how it is managed in a market, and the destructive impact of government intervention.

The consensus is that Mises's work is not only a great book, but perhaps the greatest monetary treatise ever written. However, the original text can be intimidating and even daunting. This guide, however, opens it up in a way that has not been done before, making Mises's invaluable insights more accessible to a wider audience.

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