Machlup received his doctorate (Doctor Rerum Politicarum) in 1923 upon completing his dissertation, “Die Goldkernwährung” (Gold Bullion Standard), written undert he direction of Ludwig von Mises. Publication of his work in 1925 marked the beginning of a great scientific and academic career.
During his time in Vienna, Machlup was also a businessman. While still a student, he became an active partner in his family’s cardboardproducing concern. The company owned two factories,one in Austria and one in Hungary.