We had some sense that it was time for a new edition of Mises’s Theory of Money and Credit, first published in German in 1912, at the very dawn of the age of central banking. Mises patiently explains the origin of money and hammers out a solution to the circularity of value problem of money, postulating a “regression theorem” to underscore how money had to originate as a tradeable non-money commodity. He explained the interest rate and its functioning as a investment signal, and had the first glimpses of what later came to be a full-blown business cycle theory that casts blame on central banking for destabilizing the time balance between investment and consumption. And after all these years, Mises’s work holds up. It remains the most systematic presentation of the theory of money in print.
As for the demand for a new edition, if the first day’s sales are an indication, there is huge demand. The warehouse is flooded with orders for this book. All hail Mises. He wrote this book for the long term. The long term is here and the greatness of this book is on display for everyone to see.
