Ludwig von Mises and the Theory of Money in the Face of Modernity

This article provides an in-depth analysis of Ludwig von Mises's economic thought, focusing on his groundbreaking work, "The Theory of Money and Credit." The text explains key concepts of the Austrian School of economics, such as the subjective theory of value, the regressive monetary theorem, and the business cycle mechanism induced by circular credit. The author juxtaposes these classical foundations with today's systemic challenges, offering a critical perspective on central bank digital currencies (CBDCs) and Modern Monetary Theory (MMT). Readers will learn how the Cantillon effect and underinvestment impact the economy and why money should be viewed as an institution of spontaneous order. This is a compendium for those seeking to understand the nature of money beyond the paradigm of state interventionism.