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The (Quantity) Theory of Money and Credit
Originally published in The Review of Austrian Economics
The Theory of Money and Credit (1912) is rightly regarded as a seminal book in the development of the Austrian school approach to monetary theory.
The Theory of Money and Credit (1912) is rightly regarded as a seminal book in the development of the Austrian school approach to monetary theory. We argue that Mises’ understanding of the equation of exchange differs from both of the conventional textbook versions, and warrants recognition as being a distinct contribution. After supporting this claim we discuss it in light of expectations, monetary regimes, and the micro foundations of the quantity theory.
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