9914714661

Koncepcja pieniądza i kredytu Ludwiga von Misesa...    19

time be perceived as a system of interdependent prices, which remains sensitive to signals from the monetary sphere.

Using Mises’ approach, one can conclude that monetary expansion interferes with the market’s eąuilibrium, which in tum can provide an interesting paradigm for analysing the current global economic crisis, which was largely facilitated by money and the expansion of credit over the last few decades. Discussing the analytical perspective is the aim of the second part of the text. In other words, the theoretical considerations analysed here may constitute the theoretical foundations for empirical analyses regarding mechanisms of the current economic crisis, and be an alternative to mainstream macroeconomic theories.

Keywords: Austrian school of economics, monetary theory, money, Ludwig von Mises.