前言
When “Joe the Plumber”—a small business owner who became a hero among conservatives when he challenged candidate Barack Obama’s proposed tax hikes in the 2008 presidential campaign— compiled a list of Christmas book recommendations for The American Spectator, he included The Theory of Money and Credit, saying it was “important reading for these troubled times.” Although Austrians were glad that someone was bringing attention to Mises’s classic work, many were understandably skeptical. After all, The Theory of Money and Credit is a hard book to read.
当“管道工乔”——一位挑战总统候选人巴拉克奥巴马在2008年总统竞选中的加税提议的小企业主，由此成为保守派中的英雄——为The American Spectator杂志编制了一份圣诞书籍推荐清单， 包括《货币与信用理论》，说这是“对于这些困难时期的重要读物。”尽管奥地利学派经济学者们很高兴有人注意到米塞斯的经典作品，但很多人都对此持怀疑态度。 毕竟，《货币与信用理论》并不是一本容易读的书。
The present study guide seeks to change that common impression. In preparing it, I have found that Mises’s work can be difficult at times, but there is a definite method behind it. In other words, if the reader will put in the effort to work through the book methodically, he or she will see that Mises systematically builds his argument from one chapter to the next. With the help of this study guide, even the layperson will be able to unlock the amazing insights contained in this tome, first published a century ago.
本学习指南旨在改变这种普遍感想。 在准备时，我发现米塞斯的著作有时会很难懂，但背后有一个明确的方法。 换句话说，如果读者愿意有条不紊地读完这本书，他或她会看到米塞斯系统地从一章到下一章建立他的论点。 在这本学习指南的帮助下，即使是非专业人士也能够破解这本一个世纪前首次出版的书中所包含的惊人洞见。
One of the most enjoyable surprises for me was to discover just how impressive an economist Ludwig von Mises really was, even at a relatively young age. In this single work, Mises integrated (what we now call) microeconomics with macroeconomics. He successfully applied subjectivist, marginal utility theory to the case of money—a task that had eluded earlier theorists in the Austrian tradition. As if that weren’t enough, Mises gave a systematic explanation of the boom-bust cycle, blaming it on the artificial expansion of bank credit and the corresponding reduction of the money rate of interest below the “natural” rate.
对我来说最令人愉快的惊喜之一就是发现经济学家路德维希·冯·米塞斯在相对年轻时也如此令人钦佩。 在这项单一的工作中，米塞斯将（我们现在称为的）微观经济学与宏观经济学相结合。 他成功地将主观主义和边际效用理论应用于货币理论——这是早期奥地利学派传统理论家所未能完成的任务。 不仅如此，米塞斯还对繁荣——萧条周期进行了系统的解释，将其归咎于人为的银行信用扩张以及货币利率相应降至低于“自然”利率。
These accomplishments alone would have earned Mises an important seat in the history of economic thought. Yet upon my most recent reading, I realized that Mises showcases much more of his talent. For one thing, he displays a thorough command of the relevant literature, not only in pure economic theory but also in applied topics such as money and banking. He also shows a practical understanding of actual financial markets, which often behave differently from the depiction in academic writings. In the final section of the book (written after the original release), Mises offers very wise policy recommendations for returning to sound money.
仅凭这些成就就可以使米塞斯获得经济思想史上的重要席位。 然而根据我最近的阅读，我意识到米塞斯展示了他更多的才能。 首先，他展示了对相关文献的全面掌握，不仅在纯粹的经济理论，而且在货币和银行业等应用主题上。 他还展示了对真实金融市场的实际理解，这些市场的表现往往与学术著作中的描述不同。 在本书的最后一部分（在最初版本出版后编写增加）中，米塞斯提供了回归健全货币的非常明智的政策建议。
The format of the study guide follows the 1953 edition of The Theory of Money and Credit published by the Mises Institute. I follow Mises’s work very closely, down to the individual section headings. Each chapter contains an overall summary (except for very short chapters), followed by a detailed outline. Then I include a section on either “Notable Contributions” or “Technical Notes.” There is also a list of new terms for each chapter (with a full list included in the back as a glossary) and finally a list of five study questions to ensure that the reader is grasping the essential points of each chapter.
学习指南的格式遵循米塞斯研究院出版的《货币与信用理论》1953年版本。 我完全遵循米塞斯的原著，直到各个章节的标题。 每章都包含一个总体摘要（非常简短的章节除外），然后是详细的大纲。 然后我在“显著贡献”或“技术说明”中加入了一个部分。每章还有一个新术语列表（后面有一个完整列表作为术语表），最后列出了五个研究问题。 确保读者掌握每章的要点。
In order to modernize the style, hyphens have been dropped, and in a few instances, spelling has been updated. However, no content has been altered from the English translation as published by the Mises Institute.
为了使样式现代化，连字符已被删除，并且在少数情况下更新了拼写。 但是没有改变米塞斯研究院发布的英文译文中的任何内容。
I hope that this study guide eases the understandable “intimidation factor” and allows a new generation of readers to experience the wealth of wisdom contained in Mises’s first major work. As an insightful plumber (and layperson) has remarked, it is important reading for these troubled times.
我希望这本学习指南能够减轻可理解的“威胁因素”，让新一代读者体验到米塞斯第一部重要作品所蕴含的丰富智慧。 正如一位富有洞察力的管道工（和外行人）所说，这是对于这些困难时期的重要读物。
Robert P. Murphy
Nashville, Tennessee
July,2011
罗伯特·墨菲
田纳西州纳什维尔
2011年7月
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