Treatise on Money

Before Austrian economics came on the scene, monetary theory was a hodge-podge of disjointed insights. Nobody knew how to integrate those insights into a system, much less how to integrate monetary theory with the rest of economics.
Carl Menger, founder of the Austrian School of Economics, started to unravel the mystery of money in the late 19th century. Ludwig von Mises finally cut the Gordian knot with his first magnum opus, The Theory of Money and Credit (1912), the most important single advance in monetary theory in the history of economic thought.