Benjamin McAlester Anderson

The Value of Money Benjamin McAlester Anderson

Book Excerpt: ...hence invalid when applied to money 82-120Wieser's theory of value of money 83-88A circle in reasoning 88-90Schumpeter's similar circle 100But Schumpeter's general utility theory, though inapplicable to value of money, in form avoids a causal circle 90-98Schumpeter's conspectus; different from Böhm-Bawerk and most utility theorists 90-92, 113-120Defects and limitations of Schumpeter's general theory 90-98Schumpeter's substitutes for social value concept 98-99Von Mises sees circle of Wieser and Schumpeter 100Seeks to avoid it by construing utility theory as historical, instead of static, theory 101But this departs from fundamentals of utility theory; other difficulties 101-110Kinley's doctrine 110-111General criticism of utility theory 111-115Davenport, Wicksteed, Fisher, Perry 113-120PART II. THE QUANTITY THEORY...