In The Theory of Money and Credit, how did Mises solve this problem?
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Mises Regression Theorum resolved the circular question about money - that its value is predetermined from what it was before and the value of money for the next transaction will be an existing influence on the value of money in the transaction subsequent to that. He went back to the value of money, which would have been expressed in terms of marginal utility, at the exact time goods ceased to be used in barter and exchange.
Mises was no fan of government involvement in the money supply and was equally concerned about fractional reserve banking. He felt that any manipulation of the money supply adversely affects the production calculation.
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