A New Treatise on Money and Banking Some of the most significant
contributions made by Austrian economists relate to the field of
money and banking, among which we can now rank Money, Bank
Credit, and Economic Cycles, by Jesús Huerta de Soto, professor
of economics at the Universidad Rey Juan Carlos, Madrid. In his
first great treatise, the Theory of Money and Credit, Ludwig von
Mises improved on Carl Menger's subjective theory of value and
showed how it can be integrated with the theory of money. He
also developed what could be called an ontology of monetary
objects, subdividing them into two main groups: (1) various
types of money per se and (2) various types of titles to money
like banknotes, demand deposits, etc. Mises placed particular
emphasis on the analysis of the economic effects of money
titles. In fact, the entire third part of his treatise is
dedicated to the description of the effects brought about by the
use of money titles that are not, or at least not entirely,
covered by money in the vault of