Theorie des Geldes und der Umlaufsmittel.

Munich: Duncker & Humblot,, 1912. A free society requires free money First edition, first printing, of Ludwig von Mises's principal work: "Professor Mises shows here how mistaken monetary policies lead to the destruction of liberty" (Hazlitt, pp. 119-20). Mises's Theory of Money and Credit offers "a detailed sophisticated explanation of the quantity theory of money based on the subjective, marginal utility theory. It explains money's origin, the development and nature of banking, the cause and consequences of inflation and credit expansion, the differences in the value of different moneys, as well as the reason for 'cyclical' economic fluctuations" (Greaves and McGee). Moreover, the work's emphasis on the logic of rational individual action and the value of maintaining a gold standard free from government manipulation offered an important alternative to the trends in economic thought and practice over the coming decades. "The long-term impact of Mises's first treatise can only be called spectacular... it is still in print and remains a source of inspiration for monetary theorists" (Hülsmann, p. 208). Octavo (213 x 137 mm). Contemporary black half sheep, spine lettered in gilt, brown paper sides. Contemporary ownership signature to front free endpaper, early Japanese bookseller's ticket to front pastedown. Bound without errata leaf. Rubbed, small chip to spine neatly reglued, light staining at foot of early and terminal leaves with concomitant rippling throughout rest of contents: a good copy. Batson, p. 194; Greaves & McGee B2. Henry Hazlitt, The Free Man's Library, 1956; Jörg Guido Hülsmann, Mises: The Last Knight of Liberalism, 2007.