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Mises Reader - Digital Book

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A book you can recommend to anyone as an undaunting introduction to the economics of Ludwig von Mises.

For more in-depth reading see
The Mises Reader Unabridged - Digital Book.



Welcome to the world of Ludwig von Mises. Professor Ritenour, through thoughtfully chosen excerpts from the vast canvas of Mises's works, has compiled an Economics in One Lesson for Mises. The beauty of The Mises Reader is that it can be read from all knowledge levels. The Reader begins with Mises's fundamental contribution, human action, the simple insight that man acts with purposeful intent to gain a specific result. Now that wasn't so hard! The rest of the book builds step-by-step from there, and in Mises's own words explains value, time, division of labor, capitalism, economic calculation, profit and loss, the nature of money, monetary theory, interest rates, business cycles, labor, and price controls, just to cover the main topics. There is even a chapter dedicated to Mises's refutation of Keynes, brilliantly dissecting some of the greatest fallacies still plaguing economics today.

Professor Ritenour has made the wisdom and thought of Ludwig von Mises truly available to the layperson for the first time. For those serious readers and students of Mises who desire a more in-depth treatment, The Mises Reader Unabridged has even more to offer: a chapter on the emergence of indirect exchange, an expanded look at Mises's economic method, and an additional 125 pages of scholarly material.

The Mises Reader is a book you can recommend to anyone as an undaunting introduction to the economics of Ludwig von Mises.


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Chapter 1: Human Action

Epistemological Problems of Economics

1. The Basic Concept of Action and its Categorial Conditions

4. The Distinction Between Means and Ends: The “Irrational”

Human Action

1. Purposeful Action and Animal Reaction

Chapter 2: Action and Value

Human Action

1. Ends and Means

2. The Scale of Value

3. The Scale of Needs

Theory and History

1. Judgments of Value and Propositions of Existence

2. Valuation and Action

3. The Subjectivity of Valuation

4. The Logical and Syntactical Structure of Judgments of Value

Chapter 3: Action in Time

Human Action

Chapter V: Time

1. The Temporal Character of Praxeology

2. Past, Present, and Future

3. The Economization of Time

4. The Temporal Relation Between Actions

Chapter VI: Uncertainty

1. Uncertainty and Acting

2. The Meaning of Probability

3. Class Probability

4. Case Probability

Chapter 4: Society, Exchange, and the Division of Labor

Human Action

1. Autistic Exchange and Interpersonal Exchange

2. Contractual Bonds and Hegemonic Bonds


1. The Nature of Society

2. The Division of Labour as the Principle of Social Development

3. Organism and Organization

4. The Individual and Society

5. The Development of the Division of Labour

6. Changes in the Individual in Society

Chapter 5: Capitalism: The Market Economy

Economic Policy


Chapter 6: Economic Calculation

Economic Calculation in the Socialist Commonwealth

2. The Nature of Economic Calculation

Human Action

1. Monetary Calculation as a Method of Thinking

2. Economic Calculation and the Science of Human Action

Chapter 7: Profit and Loss

Planning for Freedom

“Profit and Loss”

Section A: “The Economic Nature of Profit and Loss”

1. The Emergence of Profit and Loss

2. The Distinction Between Profits and Other Proceeds

3. Non-Profit Conduct of Affairs

4. The Ballot of the Market

5. The Social Function of Profit and Loss

6. Profit and Loss in the Progressing and in the Retrogressing Economy

7. The Competition of Profit and Loss

Section B: “The Condemnation of Profit”

2. The Consequences of the Abolition of Profit

Chapter 8: The Nature of Money

Money, Method, and the Market Process

“The Position of Money among Economic Goods”

1. Monetary Services and the Value of Money

2. Money Supply and Money Demand: The “Velocity of Circulation” of Money

3. Fluctuations in the Value of Money

4. Money Substitutes

Chapter 9: Monetary Theory and Policy

Selected Writings of Ludwig von Mises

“The Main Issues in Present-Day Monetary Controversies”

Introductory Remarks

I. The Purchasing Power Controversy

A. Is Money “Neutral”?

B. Are Changes in the Purchasing Power of Money Measurable?

C. Is It Possible to Adjust Monetary Manipulation to a Nonarbitrary Standard?

D. The Case Against Flexible Foreign Exchange Parities

E. The Case for the Gold Standard

II. The Credit Controversy

A. The Banking Principle

B. The Currency Principle

C. Austrian Theory of the Trade Cycle

D. The Socialists’ Rejection of Austrian Theory

E. Salvation Through Credit Manipulation

III. The Foreign Exchange Controversy

A. Purchasing Power Parity Theory

B. Balance of Payment Theory

C. The Requirements of Foreign Exchange Stability

Money, Method, and the Money Process

“The Non-Neutrality of Money”

Economic Policy


Chapter 10: Time and Time Preference

Human Action

1. Perspective in the Valuation of Time Periods

2. Time Preference as an Essential Requisite of Action

Chapter 11: The Interest Rate

Human Action

2. Originary Interest

Chapter 12: The Business Cycle

Interventionism: An Economic Analysis

2. Credit Expansion

The Causes of the Economic Crisis

“Monetary Stabilization and Cyclical Policy”

1. The Banking School Fallacy

2. Early Effects of Credit Expansion

3. Inevitable Effects of Credit Expansion on Interest Rates

4. The Price Premium

5. Malinvestment of Available Capital Goods

Chapter 13: Labor Productivity, Wages, and Unemployment

Planning for Freedom

“Wages, Unemployment and Inflation”

1. Wages Ultimately Paid By the Consumers

2. What Makes Wages Rise

3. What Causes Unemployment

4. Credit Expansion No Substitute for Capital

Human Action

4. Catallactic Unemployment

Chapter 14: The Hampered Market Economy

Planning for Freedom

“Middle-of-the-Road Policy Leads to Socialism”

1. Socialism

2. Interventionism, Allegedly a Middle-of-the-Road Policy

3. How Interventionism Works

4. How Price Control Leads to Socialism

5. The Zwangswirtschaft Type of Socialism

6. German and British Experience

7. Crises and Unemployment

8. Two Roads to Socialism

9. Foreign Exchange Control

10. Progressive Taxation

11. The Trend Toward Socialism

12. Loopholes Capitalism

13. The Coming of Socialism is Not Inevitable

Chapter 15: Price Controls

Economic Policy


Chapter 16: Keynes and Keynesianism

Planning for Freedom

“Stones into Bread, The Keynesian Miracle”







Human Action

The Chimera of Contracyclical Policies

Chapter 17: Economic Progress

Economic Policy

“Foreign Investment”

Human Action

9. Entrepreneurial Profits and Losses in a Progressing Economy

Chapter 18: The Importance of Liberty

Liberty and Property








Chapter 19: Economic Method

Money, Method, and The Market Process

“Social Science and Natural Science”






Chapter 20: Appreciations

Economic Freedom and Interventionism

“Man, Economy, and State”

“The Economist Eugen v. Böhm-Bawerk: on the Occasion of the Tenth Anniversary of His Death”



ISBN 9781610166652
eISBN 9781610166690
Publisher Ludwig von Mises Institute
Publication Date 12/25/16
Edition Digital
Page Length 314

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