Austrian Economists Have Detached Concepts from Percepts

J.P. Morgan says, [page 48] "Money is gold and nothing else!" This is a contradiction. Ludwig Von Mises says, "Money is a medium of exchange and  nothing else!" This is a contradiction. Austrian Economist disciples say things like, "To say something about the relative merits of paper and gold, you have to have theories–good ol’ fashioned, rational optimizing firm and agent theories–of how the