The Review of Austrian Economics

, Volume 26, Issue 4, pp 463–481

The (quantity) theory of money and credit


DOI: 10.1007/s11138-013-0226-8

Cite this article as:
Evans, A.J. & Thorpe, R. Rev Austrian Econ (2013) 26: 463. doi:10.1007/s11138-013-0226-8


The Theory of Money and Credit (1912) is rightly regarded as a seminal book in the development of the Austrian school approach to monetary theory. We argue that Mises’ understanding of the equation of exchange differs from both of the conventional textbook versions, and warrants recognition as being a distinct contribution. After supporting this claim we discuss it in light of expectations, monetary regimes, and the microfoundations of the quantity theory.


Demand for money Expectations Quantity theory Monetary theory 

JEL Classification

B53 E41 E42 E58 

Copyright information

© Springer Science+Business Media New York 2013

Authors and Affiliations

  1. 1.ESCP Europe Business SchoolLondonUK
  2. 2.LimerickIreland

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