in a great while,
book appears that both embodies anddramatically extends centuries of accumulated wisdom in aparticular discipline, and, at the same time, radically challenges theintellectual and political consensus of the day.
Ludwigvon ~Mises1881-1973) is such a book, and more: a compre-hensive treatise on economic science that would lay the foundationfor a massive shift in intellectual opinion that is still working itselfout
years after publication. Not even such milestones in thehistory of economic thought as Adam Smith's
or John MaynardKeynes's
can be said to have such enduring signifi-cance and embody such persuasive power that today's students andscholars, as much as those who read it when it first appeared, areso fully drawn into the author's way of thinking. For this reason,and others discussed below, this Scholar's Edition is the original1949
that represents such
critical turning point inthe history of ideas, reproduced (with a 1954 index produced byVernelia Crawford) for the fiftieth anniversary of its initial appear-ance.When
first appeared, its distinctive AustrianSchooI approach was already considered a closed chapter in thehistory of thought. First, its monetary and business cycle theory,pioneered by Mises in 1912' and extended and applied in the 1920sand 193
ad been buried by the appearance of Keynes's
Yale University Press, Grove City College, and theLudwig von Mises Institute provided source material.
The Theory ofMonqand Credit, trans. by
Batson (Indianapolis, Ind.:Liberty Classics, [19
Essays can be found in
the Manipulation ofMonq and Credit, trans.by Bettina Bien Greaves (Dobbs Ferry,
Free Market Books, 1978).