The theory of money and credit
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The theory of money and credit
The Theory of Money and CreditbyLudwig von MisesTranslated from the German by H. E. BatsonLiberty FundIndianapolis, 1981Et on lib Editor's NatesLudwig The theory of money and creditg \on Mises (1881-1973) first published The Theory of Money and Credit in N 1 German. in 1912. rhe edition presented here is that published by Liberty Fund in 1980. which was translated Irom the German by H. E. Batson originally in 1934. with additions in 1953. We are gratefill to Bettina Bien Greav The theory of money and credites, who holds the copyright, lor permission to reprint Illis work on the Econlib website.Only a few corrections of obvious typos were made for this weThe theory of money and credit
bsite edition. One N 2 character substitution has been made: the ordinary character "C" has been substituted for the "checked C" in the name Cuhel.FooThe Theory of Money and CreditbyLudwig von MisesTranslated from the German by H. E. BatsonLiberty FundIndianapolis, 1981Et on lib Editor's NatesLudwig The theory of money and creditand unlabeled in the footnote file. Also color-coded blue and unbracketed are notes in sections written by others: Batson's Appendix B, the Foreword, andIntroduction.[Batson's notes, color-coded gold in the text, are bracketed in the footnotefile.andinitialedH.E.B.]• Occasional website (Library' of The theory of money and creditEconomics and Liberty) Editor's notes, color-coded red in the text, are unbracketed and indicated by asterisks without numbers in the text.PREFACE TOThe theory of money and credit
THE NEW EDITIONForty years have passed since the first German-language edition of this volume was p ' published. In the course of these four decades tThe Theory of Money and CreditbyLudwig von MisesTranslated from the German by H. E. BatsonLiberty FundIndianapolis, 1981Et on lib Editor's NatesLudwig The theory of money and creditrrency systems. Sound money gave way to progressively depreciating fiat money. AU countries are today vexed by inflation and threatened by the gloomy prospect of a complete breakdown of their currencies.There is need to realize the fact that the present state of the world and especially the p 2 pres The theory of money and creditent state of monetary affairs are the necessary consequences of the application of the doctrines that have got hold of the minds of our contemporariesThe theory of money and credit
. The great inflations of our age are not acts of God. They are man-made or. to say it bluntly, government-made. They are the offshoots of doctrines tThe Theory of Money and CreditbyLudwig von MisesTranslated from the German by H. E. BatsonLiberty FundIndianapolis, 1981Et on lib Editor's NatesLudwig The theory of money and creditin tasks of economics is to explode tile basic inflationary' fallacy that p 3 confused the thinking of authors and statesmen from the days of Joint Law down to those of Lord Keynes. There cannot be any question of monetary reconstruction and economic recovery as long as such fables as that of the bl The theory of money and creditessing of "expansionism" form an integral part of official doctrine and guide the economic policies of the nations.None of the arguments that economicThe theory of money and credit
s advances against the inflationist and px expansionist doctrine is likely to impress demagogues. For the demagogue does not bother about the remoter The Theory of Money and CreditbyLudwig von MisesTranslated from the German by H. E. BatsonLiberty FundIndianapolis, 1981Et on lib Editor's NatesLudwig The theory of money and creditend in a slump. He may even boast of his neglect of the long-run effects. In the long run. he repeats, we are all dead; it is only the short run that counts.But the question is, how long will the short run last? It seems that statesmen and p 5 politicians have considerably overrated the duration of The theory of money and creditthe short run. The correct diagnosis of tire present state of affairs is this: We have outlived the short run and have now to face the long-run conseqThe theory of money and credit
uences that political parties have refused to take hto account. Events turned out precisely as sound economics, decried as orthodox by the neo-inflatiThe Theory of Money and CreditbyLudwig von MisesTranslated from the German by H. E. BatsonLiberty FundIndianapolis, 1981Et on lib Editor's NatesLudwig The theory of money and credit a short time ago. It is this optimistic expectation that prompted the publishers to republish this book and the author to add to it as an epilogue an essay on monetary' reconstruction (part four).LUDWIG VON MISESNew York19146PREFACE IO HIE EXGI.ISII EDITIONThe outward guise assumed by the questions The theory of money and credit with which banking and currency policy is concerned changes from month to month and from year to year. Amid this flux, the theoretical apparatus whicThe theory of money and credit
h enables US to deal with these questions remains unaltered. In fact, the value of economics lies in its enabling US to recognize the true significancThe Theory of Money and CreditbyLudwig von MisesTranslated from the German by H. E. BatsonLiberty FundIndianapolis, 1981Et on lib Editor's NatesLudwig The theory of money and creditmeasure; but lire task of economics is to foretell the remoter effects, and so to allow ILS to avoid such acts as attempt to remedy a present ill by sowing the seeds of a much greater ill for the future.Ten years have elapsed since the second German edition of the present book was published. During The theory of money and creditthis period the external appearance of the currency and banking problems of the world has completely altered. But doser examination reveals that the sThe theory of money and credit
ame fundamental issues are being contested now as then. Then, England was on the way to raising the gold value of the pound once more to its prewar leThe Theory of Money and CreditbyLudwig von MisesTranslated from the German by H. E. BatsonLiberty FundIndianapolis, 1981Et on lib Editor's NatesLudwig The theory of money and creditwas bound to lead to a fall in prices which would make the position of the entrepreneur more difficult and so increase the disproportion between actual wages and the wages that would have been paid in a free market, of course, there were some reasons for attempting to reestablish the old parity, eve The theory of money and creditn despite the indubitable drawbacks of such a proceeding. The decision should have been made after due consideration of the pros anti cons of such a pThe theory of money and credit
olicy. The fact that the step was taken without the public having been sufficiently informed beforehand of its inevitable drawbacks, extraordinarily sThe Theory of Money and CreditbyLudwig von MisesTranslated from the German by H. E. BatsonLiberty FundIndianapolis, 1981Et on lib Editor's NatesLudwig The theory of money and creditch, but solely to the gold value of the pound having been stabilized at a higher level than corresponded to the level of prices and wages in the United Kingdom.I’rom 1926 to 1929 the attention of the world was chiefly focused upon the question of American prosperity. As in all previous booms brought The theory of money and credit about by expansion of credit, it was then believed that the prosperity would last forever, and the warnings of the economists were disregarded, rhe tThe theory of money and credit
urn of the tide in 1929 and the subsequent severe economic crisis were not a surprise for economists; they had foreseen them, even if they had not beeThe Theory of Money and CreditbyLudwig von MisesTranslated from the German by H. E. BatsonLiberty FundIndianapolis, 1981Et on lib Editor's NatesLudwig The theory of money and crediteriod of credit expansion that has been followed by a period of depression, but the way in which governments have been and are reacting to these circumstances. Hie universal endeavor has been made, in the midst of the general fall of prices, to ward off the fall in money wages, and to employ public The theory of money and creditresources on the one hand to bolster up undertakings that would otherwise have succumbedIIP 1HP.2I IP aI IP 4forces which in previous times of depressThe theory of money and credit
ion have eventually effected tile adjustment of prices and wages to (he existing circumstances and so paved the way for recovery. The unwelcome truth The Theory of Money and CreditbyLudwig von MisesTranslated from the German by H. E. BatsonLiberty FundIndianapolis, 1981Et on lib Editor's NatesLudwig The theory of money and creditbetween outputs and sales which is the symptom of a crisis.This attitude was dictated by purely political considerations. Gov emments did not want to cause unrest among the masses of then wage-earning subjects. They did not dare to oppose the doctrine that regards high wages as the most important ec The theory of money and creditonomic ideal and believes that trade-union policy and government intervention can maintain the lexel of wages during a period of falling prices. And gThe theory of money and credit
overnments have therefore done everything to lessen or remove entirely the pressure exerted by circumstances upon the level of wages. In order to prevThe Theory of Money and CreditbyLudwig von MisesTranslated from the German by H. E. BatsonLiberty FundIndianapolis, 1981Et on lib Editor's NatesLudwig The theory of money and credite central banks from raising the rate of interest and restricting credit and so giving free play to the purging process of the crisis.Gọi ngay
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