A simple model of the theory of money prices

Conclusion The goal of this paper is not to present a comprehensive restatement of the theory of money prices as it developed in the Austrian tradition from Menger to Mises and Rothbard. Rather it is to formulate a heuristic device that facilitates a concise delineation of the theory’s main points and helps in illustrating a few of its major implications. This endeavor is crucial to disseminating the theory to a broader audience and stimulating further interest in refining and advancing it. editor of the Quarterly Journal of Austrian Economics