Mainstream economists want us to believe that money gains its value from state decrees. Yet, Austrian economists more than a century ago explained why money has value.

Mainstream economists want us to believe that money gains its value from state decrees. Yet, Austrian economists more than a century ago explained why money has value.

Ludwig von Mises’s first major work was The Theory of Money and Credit in which he explained the role of money in the economy and also pointed out what causes the boom-bust cycle. It remains an important classic in Austrian economics.

Ludwig von Mises’s first major work was The Theory of Money and Credit in which he explained the role of money in the economy and also pointed out what causes the boom-bust cycle. It remains an important classic in Austrian economics.