The Theory of Money and Credit

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The Theory of Money and Credit
Author Ludwig von Mises
Original title Theorie des Geldes und der Umlaufsmittel
Translator H. E. Batson
Country Austria
Language German
Series Bedford series of economic handbooks
Subject Economics
Genre Non-fiction, treatise
Publisher Jonathan Cape
Publication date
1912
Published in English
1934
Pages 445 pp. illus.
OCLC 317802102

The Theory of Money and Credit is an economics book written by Ludwig von Mises, originally published in German as Theorie des Geldes und der Umlaufsmittel in 1912. Along with Carl Menger's Principles of Economics, and Eugen von Böhm-Bawerk's Capital and Interest, it is among the foundational works of the Austrian School.

Its first English translation was published in 1934, and Part Four was added by Mises to the English language edition in 1953. In this work, Mises looks at the nature and value of money, and its effect on determining monetary policy. Included is his regression theorem, that tries to explain why money is demanded in its own right, as moneys at first glance do not serve a consumable need. Mises explained that moneys only can come about after there has been a demand for the money commodity in a barter economy.

The German word Umlaufsmittel literally translates as "means of circulation" and was translated into the text of the English version as "fiduciary media".

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