Money, Bank Credit, and Economic Cycles - The Ludwig von Mises ...

PREFACE TOTHE THIRDSPANISH EDITIONIn this, the third edition of Dinero, Crédito Bancario y CiclosEconómicos, an attempt has been made to preserve as far aspossible the contents, structure, and page numbering ofthe two previous editions. However, changes have been necessaryin certain cases, as I have taken this new opportunity toraise some additional arguments and points, both in the maintext and in several footnotes. Also, the bibliography has beenupdated with the new editions and Spanish translationswhich have appeared in the four years since the previous edition,and with a few new books and articles which have a particularbearing on the topics covered in the book. 1 Finally, theeditor of the English version, Money, Bank Credit, and EconomicCycles, 2 Judith Thommesen, very patiently and painstakingly1 One such book is Roger W. Garrison’s Time and Money: The Macroeconomicsof Capital Structure, published by Routledge in London and NewYork in 2001, three years after the appearance of the first Spanish editionof Money, Bank Credit, and Economic Cycles. Garrison’s text can be viewedas complementary to this one. His book is especially noteworthy, becausein it he develops the Austrian analysis of capital and economic cycles inthe context of the different paradigms of modern macroeconomics, andthe approach and language he uses to do so are fully consistent with thoseused by the mainstream in our discipline. Hence, Garrison’s book willundoubtedly help build awareness among economists in general of theneed to consider the Austrian perspective and its comparative advantages.However, I do feel that Garrison’s explanations are too mechanisticxxxvii