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Mises' classic work was "The Theory of Money and Credit" (1912), in which he integrated [[macroeconomics]] into [[microeconomics]] by integrating the theory of money into the general theory of marginal utility. Other Austrian economists rejected his work, forcing Mises to start a neo-Austrian school of economics.

Mises' classic work was "The Theory of Money and Credit" (1912), in which he integrated [[macroeconomics]] into [[microeconomics]] by integrating the theory of money into the general theory of marginal utility. Other Austrian economists rejected his work, forcing Mises to start a neo-Austrian school of economics.

Mises felt that society does not benefit from an increase in the money supply, that increased money and bank credit causes inflation and business cycles. Mises supported a 100 percent gold standard.

Mises felt that society does not benefit from an increase in the money supply, that increased money and bank credit causes [[inflation]] and business cycles. Mises supported a 100 percent gold standard.

A student of Mises, [[F.A. Hayek]], won the [[Nobel Prize]] in economics in 1974 for elaborating on Mises' business cycle theory.

A student of Mises, [[F.A. Hayek]], won the [[Nobel Prize]] in economics in 1974 for elaborating on Mises' business cycle theory.