hen my husband died in 1973 I had to go through his W papers. Some of them were still in manuscript form and had never before been published. I selected several of these, plus a number of other articles that had appeared in periodicals but were no longer in print. This book is the result. At my request Richard Ebeling wrote an introduction which he has done in great detail. The depth of Ebeling's understanding of my husband's work is certainly apparent in his writing. I am pleased to have the Ludwig von Mises Institute present this volume to the public. Margit von Mises New York City September 1989 vii Introduction I I n the 1920s and the 1930s, Ludwig von Mises was recognized as one of the leading economic theorists on the European Conti nent. I F. A. Hayek has said that Mises's critique of the possibilities for economic calculation under socialism had "the most profound impression on my generation . . . . To none of us '" who read [his] book [Socialism] when it appeared was the world ever the same again. ,,2 Lord Lionel Robbins, in introducing the Austrian School literature on money and the trade cycle to English-speaking readers in 1931, emphasized the "marvelous renaissance" the "School of Vienna" had experienced "under the leadership of . . . Professor Mises.

Edited by Richard M. Ebeling This volume might be called the Mises Reader, for it contains a wide sampling of his academic essays on money, trade, and economic systems. Some of them, like "Observations on the Cooperative Movement," have not been published previously. Others, like "The Idea of Liberty Is Western," have already made their mark on intellectual history. Brought together by Mrs. Mises after her husband's death, and edited with an introduction by Richard Ebeling, this volume fills an important gap in providing an overview of Ludwig von Mises's best academic work. For that reason, this book is already widely used in graduate courses and seminars on the resurgence of the Austrian School.

Money and payments are familiar to everybody. Economists however are often at a loss in assessing the extent to which money matters. As a matter of fact, money is at the origin of the main cleavage in economic theory. Beyond sophisticated models what is at stake is whether money is just an appearance which hides the essence of economic life (value and happiness of people) or, on the contrary, the very substance of economic relations, not limited to exchanges, in which power and sovereignty are ever present. In a first part, the author shows how fragile and shaky are the attempts made by value theoreticians to integrate money into their analysis. In a second part, he develops a rigorous alternative theory by giving strong logical foundations to a monetary analysis in the spirit of Keynes. Many important economic phenomena left unexplained by academic theory are accounted for (involuntary equilibrium unemployment), a new method in dynamics is resorted to (viability theory) and various economic relations are elucidated which are not reducible to exchange, the only one dealt with by academic theoreticians. This is the case of the wage relationship. Although written in view of an audience acquainted with economic theory, this book can be read nevertheless by a larger circle since the technicalities have been reduced to what is strictly necessary to understand what is at stake.

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This volume might be called the Mises Reader, for it contains a wide sampling of his academic essays on money, trade, and economic systems. Some of them, like "Observations on the Cooperative Movement," have not been published previously. Others, like "The Idea of Liberty Is Western," have already made their mark on intellectual history. Brought together by Mrs. Mises after her husband's death, and edited with an introduction by Richard Ebeling, this volume fills an important gap in providing an overview of Ludwig von Mises's best academic work. For that reason, this book is already widely used in graduate courses and seminars on the resurgence of the Austrian School.