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The Theory of Money and Credit
Author(s) 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(s) Economics
Genre(s) non-fiction, treatise
Publisher Jonathan Cape
Publication date 1912
Published in English 1934
Pages 445 p. illus.
OCLC Number 317802102

The Theory of Money and Credit is an economics book written by Ludwig von Mises Along with Carl Menger's Principles of Economics, and Eugen von Böhm-Bawerk's Capital and Interest, this work was a major contribution to economic theory.

The book was originally published in German as Theorie des Geldes und der Umlaufsmittel in 1912.

English editions[]

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". However, the publisher thought the unusual terminology would irritate readers and substituted "money and credit" in the title, thereby losing the specific distinction Mises had made in selecting his original term.[1]

Publication history[]

  • Theorie des Geldes und der Umlaufmittel.  Munich & Leipzig: Duncker & Humblot, 1912.
    • (with new introduction by Mises). Munich & Leipzig: Duncker & Humblot, 1924.


Other languages[]

  • Japanese: Kahei oyobi Ryütüjshudan no Riron (translation of 1924 edition by Yoneo Azuma). Tokyo: Jitsugyo no Nipponsha, 1949; Tokyo: Nihon Hyöron-Sha, 1980.
  • Spanish: Teoría del Dinero y Crédito (translation of 1953 edition by José Ma. Claramunda Bes; edited by Hermilo Larumbe Echávarri). Barcelona: Ediciones Zeus, 1961.
    • La Teoría del Dinero y Del Crédito (translation of 1953 edition by Juan Marcos). Madrid: Union Editorial, 1997.
  • Chinese: (translated by H.P. Yang). Taiwan: Taiwan Bank, Economic Research Department, 1969.

Except where noted, bibliographical information courtesy the Ludwig von Mises Institute.[2]

See also[]


  1. Hülsmann, Jörg Guido, 2007. Mises: The Last Knight of Liberalism. p. 217, note 7.
  2. Ludwig von Mises (1881-1973) Chronological Bibliography, Ludwig von Mises Institute. Web, Nov. 30, 2012.

External links[]

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