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Silviu CERNA

Universitatea de Vest din Timişoara

Ludwig von Mises’s (1881-1973) contribution to the development of money and credit theory is contained in two monumental books – Theory of Money and Credit (1912) and Human Action. A Treatise on Economics (1949) – and in some other works of narrower scope. The aforementioned contribution concerns the following themes: definition and origin of money; the optimum amount of money and how to achieve it; the myth of neutral money and its corollary, price stability; banking with fractional reserves and limitation of the issuance of fiduciary means; the monetary-lead malinvestment theory of the business cycle. These themes are closely related to the building blocks of economic theorizing: the functioning of the free market and the consequences of state intervention in the economy, for the Misesian system of economic thought is indeed a system.

ŒCONOMICA no. 1/2019

Keywords: money, banking, economic cycle, credit, inflation, free market, interest rate

JEL: B25, E30, E40, E50

Mises’s Contribution to the Theory of Money and Credit [Contribuţia lui Mises la teoria banilor şi creditului]

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