The Theory of Money and Credit
by Ludwig von Mises

This should have been a history making book, but even though it was written before WW I, it has not been recognized except for a few non-mainstream economists. This is where Mises first explained the business cycle. I must say, however, that he fails to emphasize the fact that it is a major new theoretical advance. He simply works it into the book with little fanfare and moves on. He spends more time refuting theories of other economists than he does selling his own theory. Most of the book, therefore, is very dry and of interest only to historians of economic theory.

Year Read: 1978

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