The Value of Money

by Benjamin M. Anderson

[87] Cf. Böhm-Bawerk, Grundzüge, etc. (loc. cit.), pp. 5, 478, n.; Social Value, chs. 2 and 11; J. M. Clark and B. M. Anderson, Jr., in Quarterly Journal of Economics, 1915—"The Concept of Value." I may add that this equilibrium scheme is, in my judgment, equally useless as the basis of a hedonistic theory of welfare, since it is absolute amounts of utility that are significant there.

[88] Theorie der wirtschaftlichen Entwicklung, pp. 83-84.

[89] Loc. cit., ch. 3, part ii.

[90] Ibid., p. 199.

[91] For the assimilation of credit phenomena to the general phenomena of value, by means of the social value doctrine, see infra our section on "Credit." The social value doctrine is still further generalized in the chapter on "The Reconciliation of Statics and Dynamics."

[92] Ibid. p. 169.

[93] Vide Mathematical Investigations, loc. cit., p. 62, where Fisher assumes one price to be unity, "to determine a standard of value." Purchasing Power of Money, pp. 174-175.

[94] Loc. cit., pp. 72 et seq.

[95] Pp. 132-136.

[96] See Social Value, chs. vi and vii.