On the Manipulation of Money and Credit: Three Treatises on Trade-Cycle Theory

On the Manipulation of Money and Credit includes some of Mises’s most important contributions to monetary and trade-cycle theories. “Stabilization of the Monetary Unit from the Viewpoint of Theory,” discusses the consequences of the fluctuating purchasing power of paper money. “Monetary Stabilization and Cyclical Policy” presents Mises’s business-cycle theory. “The Causes of the Economic Crisis,” explores the nature and role of the market and cyclical changes in business conditions.

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Citation

On the Manipulation of Money and Credit: Three Treatises on Trade-Cycle Theory. Translated and with a Foreword by Bettina Bien Greaves,. Edited by Percy L. Greaves, Jr. (Indianapolis: Liberty Fund, 2011).

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John Maynard Keynes (Author)

Keynes' economic theory and policy prescriptions won the policy debate about how to fight the Great Depression, a debate in which Mises’ ideas were on the losing side.
Friedrich August von Hayek (Author)

Hayek, as Mises, had an anti-Keynesian approach to the monetary causes of the Great Depression and how to respond to it.
Joseph Schumpeter (Author)

Schumpeter, similar to Mises, gives great importance to the anti-capitalist mentality in order to explain interventionist policy prescriptions to fight the Great Depression.
Hyman P. Minsky (Author)

Minsky’s thesis about the inherent instability of financial markets deals on some of the same topics discussed by Mises in these three essays.

Key Quotes

Money & Banking

Monetary policy of the preliberal era was either crude coin debasement, for the benefit of financial administration (only rarely intended as Seisachtheia, i.e., to nullify outstanding debts), or still more crude paper money inflation. However, in addition to, sometimes even instead of, its fiscal…

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Critical Responses

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Stabilizing an Unstable Economy

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Hyman Minsky in his 1986 “Stabilizing an Unstable Economy” offers his hypothesis in order to explain business cycles, one, however, that leads to different prescriptions than Mises’ one.

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