• Unit 5: Credit and Banking

    In unit 5 we focus on explaining and defining the concepts of money and banking as understood by Mises. His book, The Theory of Money and Credit, was written in 1912 and has formed the foundation of Austrian monetary theory for more than a century. In this unit you will explore the topology of money, followed by an in-depth discussion of fiduciary media and the consequences of its issuance by banks.

    Completing this unit should take you approximately 3 hours.

    • 5.1: Lecture

    • 5.2: Discussion