As the Federal Reserve and other central banks run wild, it s time to reconsider a great work by Ludwig von Mises that is as fresh and relevant today as when it appeared a century ago.

The first of Mises s major works, Theory of Money and Credit was published in 1912 when Mises was barely 30 years old. To commemorate the centennial of this important work, the Mises Institute presents Theory of Money and Fiduciary Media: Essays in Celebration of the Centennial, edited by Jörg Guido Hülsmann. The title of this collection of new essays reflects a more accurate translation of Mises s original title, Theorie des Geldes und der Umlaufsmittel.

This new collection of thirteen original essays comes from a 2012 symposium at the Austrian Scholars Conference in Auburn, Alabama, and provides wide-ranging views and analysis. It features the latest from established Misesian scholars such as Hülsmann and Joseph Salerno along with fresh perspectives from young Misesians such as Philipp Bagus, Malavika Nair, and Matthew McCaffrey.

Attacked and ignored in the years after its initial publication, Mises s work on money has only gained influence in recent decades. His theories are still attacked by inflationists today. But Mises s contribution cannot be ignored, and as noted by Hülsmann in the introduction, Mises s work opened up new areas for the future development of economic theory, most notably in the fields of economic calculation, business accounting, expectations, business cycles, currency competition, monetary interventionism, and monetary reform.

Within Theory of Money and Fiduciary Media: Essays in Celebration of the Centennial, the reader will find new insights on these many topics plus intellectual history and philosophy, while providing the reader with many insights that will no doubt be invaluable in understanding the economic crises of our own time.

Contributors:

Jörg Guido Hülsmann

Amadeus Gabriel

Malavika Nair

Mateusz Machaj

Joseph T. Salerno

Matthew McCaffrey

Gary North

David Howden

Eduard Braun

Nikolay Gertchev

Philipp Bagus

Renaud Fillieule

Thorsten Polleit

Contents

Introduction by Jörg Guido Hülsmann

1. The Early Evolution of Mises s Monetary Theory by Jörg Guido Hülsmann

2. Why was the Reception of the First Edition of Mises s Theory of Money and Credit so Lukewarm? by Amadeus Gabriel

3. Böhm-Bawerk s Influence on Mises s Typology of Money by Malavika Nair

4. Mises and Value Theory by Mateusz Machaj

5. Ludwig von Mises as Currency School Free Banker by Joseph T. Salerno

6. The Influence of the Currency-Banking Dispute on Early Viennese Monetary Theory by Matthew McCaffrey

7. The Regression Theory as Conjectural History by Gary North

8. Expansionist Monetary Policies and the Trade Balance by David Howden

9. The Subsistence Fund in Ludwig von Mises s Explanation of the Business Cycle by Eduard Braun

10. The Inter-Bank Market in the Perspective of Fractional Reserve Banking by Nikolay Gertchev

11. Modern Business Cycle Theories in Light of the ABCT by Philipp Bagus

12. The Monetary Theory of Current Textbooks in Light of The Theory of Money and Credit by Renaud Fillieule

13. Mises s Theory of Money and Credit: Arguments Against Central Banking by Thorsten Polleit

Index