Below is the first lecture on chapters 1 & 2 of Mises’ magisterial work, The Theory of Money and Credit. Anyone can understand this work, but they must grasp thoroughly each concept and think through the implications of what Mises is saying. For example, if you understand Mises’ concept of the Subjective Theory of Value, then any theory that teaches that money measures economic value, or that any government should establish policies that preserve the value of money because money is a measure of value, is anti-Misesian. Therefore, the call for government-licensed monopolistic central bank, is an anti-Misesian call for government intervention into the economy. And there is no measure of economic value, therefore, the government’s consumer price index is meaningless and misleading.
Money transmits value, Mises taught, but money does not measure value. (What?). Subject valuation “arranges commodities in order of their significance; it does not measure its significance.”
OK, so if you want to delve into the greatest treatise on Money and Credit and become a better investor then I suggest you FIRST LISTEN to the lecture while looking at the Lecture Slides, THEN read the chapters which include the study guide for each chapter. Both the book and study guide are below. Also Gary North’s book, Mises on Money is another excellent study guide incorporating some of Mises’ other works like Human Action.
If folks want me to post more lectures (AFTER) you have listened to lecture one, then let me know in the comments section because it takes time to post the other eight lectures). Or tell me NOT to post more lectures.
2012 1Q Mises on Money and Banking Lecture 1 (Slides on readings)
econ400_lecture1 (MP3) Lecture- 90 minutes
Books and Study Guides
Lessons for the Young Economist (for beginners)