Study Guide to the Theory of Money and Credit

Abstract

Consider the timing of this wonderful study guide to the best book ever written on money and credit. The book itself was written 100 years ago. The world economy is in the throes of another financial and debt crisis. Keynesianism has completely failed. Fiat money has too. Above it all stands Ludwig von Mises's masterwork, laying out the whole correct theory of money: it should be sound, solid, and market controlled. Here is the guide to the book that still has a voice after 100 years, and that voice is stronger than ever. Mises wrote it as a warning against central banking, predicting that this institution would produce more instability than ever before — plus inflation, debt, and deep danger to the pillars of prosperity. He was right in every case. In this new guide, Robert Murphy takes the reader through Mises's book one chapter at a time. He provides summaries, points for discussion, and study questions, and he assesses the book in light of modern history. Most of all, Mises's book teaches the theory of money, and with Professor Murphy's guide, you will understand where money comes from, what it does, how it is managed in a market, and what government does to destroy it. Most people agree that this was not only a great book but perhaps the greatest monetary treatise ever written.