Ludwig von Mises (1881-1973), an Austrian economist and social philosopher, was the leading exponent, in the 20th century, of the Austrian school and a conservative in matters of economic and social policy.

Ludwig von Mises was born September 29, 1881, in the city of Lemberg which was located in the former Austria-Hungary. He was born the son of a highly successful and respected engineer. By the time von Mises was 19 he had already entered the prestigious University of Vienna, studying under Eugen von Böhm-Bahwerk and Eugene von Philippovich. Ludwig von Mises earned his doctorate degree in Both (Canon and Roman) Laws by the time he was 27 years of age.

After receiving his advanced degree, von Mises wrote the first of what would be a long list of phenomenal works, The Theory of Money and Credit (1912). Von Mises was revolutionary in his thinking. He would successfully argue that money...