Theory of Money

Abstract

The first English translation of Friedrich von Wieser’s concluding work in economics, unifying his socio-historical investigation into the nature of ‘power’ and ‘monetary theory,’ complementing Knapp and Max Weber.

An unexpected encounter - a key figure in the Great Triumvirate that founded the Austrian School of Economics incorporates Keynesian elements into his theory of money. His works “exhibit some of the major features of Keynes’s analysis in ‘A Treatise on Money,’ namely the existence of an endogenous money supply, the dominant role of the banking system in the process of money creation, the distinction between the circulation of national income and of capital, and the role of individual and social beliefs in explaining the levels of economic variables” (Richard Arena & Neri Salvadori).