The Value of Money

In the foregoing discussion of the value of money it has appeared that the value of money is not an isolated problem! Not only have we found it necessary to consider it as part...

In proving that an increase of money must proportionately increase prices, it is necessary to prove that the volume of trade is independent of the quantity of money and credit i...

In the following chapter, as in most of the preceding chapters, constructive doctrine is aimed at, even though the discussion takes, in considerable part, the form of critical a...

In traditional discussions of banking, the impression is given that commercial paper is the normal and dominant type of banking assets.[518] To one accustomed to this view, the...

The problem of the value of money is a special case of the general problem of economic value. The present chapter is concerned with the general theory of value, while the rest o...

Analysis and description are much more important than definition. Definition at the beginning of a study is frequently a fetter, rather than an aid to thought. This is especiall...

easier by the fact that we have a common language of values, a common measure of values. For the easy working of the system, it is important that the common measure of value be...

A good many writers have attempted to apply the marginal utility theory to the value of money. Among these, I may particularly mention Friedrich Wieser, Ludwig von Mises, Joseph...

Must money have value from some source outside its money-functions? It is a part of the quantity theory that this is unnecessary. I have cited, in the preceding chapter, Irving...

Is the price-level passive? Is it true that while change may occur from causes outside the equation of exchange in volume of money, volume of trade, and velocities of circulatio...

This chapter is not concerned with history or anthropology for their own sake. The present writer has made no independent historical or anthropological researches, in connection...

In Professor Irving Fisher's _Purchasing Power of Money_[130] we have the most uncompromising and rigorous statement of the quantity theory to be found in modern economic litera...

The theory of the value of money is a special case of the general theory of economic value. To the layman, this would seem to go without saying. To the student of the literature...

John Stuart Mill, who first among the great figures in economics gives a realistic analysis of modern credit phenomena, thought that credit acts on prices in the same way that m...

For the quantity theory, it is important to treat velocity of circulation of money and of deposits, as self-contained entities, really independent factors. This is true of Fishe...

The Quantity Theory, as a causal theory, is, then, little altered by the passage from a hypothetical, creditless economy to the actual world, where a vast deal of credit is used...

The chapters which have gone before have been, in considerable degree, concerned with the analysis of unsuccessful efforts to solve the problem of the value of money, as the qua...

When the cost theory was a labor theory, as with Ricardo, the expression, cost of production of money, could have a definite meaning. It meant the labor-cost of producing the mo...

The quantity theory, in its usual formulations, is a theory, not of the value of money, in the absolute sense of value, but of the general price-level, the average price of good...

In the argument so far I have said nothing of the reverse relationship, the dependence of the volume of money and the volume of credit on trade. The two are indeed _inter_depend...

Money is capital. A dollar is a capital-good. Money is, moreover, a durable form of capital, which gives forth its services bit by bit, and indeed, in a community where the stat...

Some writers, who would call themselves quantity theorists, would repudiate many of the doctrines for which Fisher stands, and which the historical quantity theory involves. The...

The quantity theory explanation of international gold movements is as follows: if money comes into a country, it raises prices. If the price-level of the country is raised more...

In the statement of the quantity theory, the proviso is commonly made that all exchanges must be made by means of money, or of money and bank-credit. Barter is excluded by hypot...

In preceding chapters, I have spoken of the "money-service" as a source of additional value of money, under certain conditions. Before money can function as money at all, it mus...

The quantity theory has offered no explanation of this relation between loans and deposits. What explanation could a theory offer, which rests in the notion that volume of trade...

There is a pretty obvious conflict between the quantity theory and Gresham's Law. The latter is, essentially, a "_quality_" theory of money. For the quantity theory, dodo-bones,...

Increase of money increases trade, even on static theory: increase of money increase of capital; lowered margin in exchanges; money-rates and interest; money tool of exchange; e...

Traditional view that liquid commercial loans normal and dominant type of bank asset disproved; cannot exceed 11-1/2 per cent of assets of American banks; analysis of bank asset...

Economic social value (a) of consumers' goods and services: "utility" and scarcity; "marginal utility"; social explanation of marginal utility; marginal utilities the conscious...

M'V' calculated: errors in calculation; New York very incomplete in Kinley's figures; private banks and trust companies; clearings and "deposits," in New York and outside; "tota...

Value not tied up with marginal utility or commodities: social value theory; derived values often become independent of original presuppositions, in economic as well as legal an...

Heart of quantity theory: price-level cannot change without prior change in money, deposits, trade, or velocities: independently rising price-level, unable to alter trade or vel...

"P" and "T" cannot both be given independent definitions: P defined as _weighted_ average, with T in denominator; and must be changed from year to year, as elements in T change,...

Money as "bearer of options"; distinguished from store of value; the _dynamic_ function of money _par excellence_; explanation of low rates on call loans, and short loans, and l...

Mill thought credit acts on prices like money, and that this reduces quantity theory tendency to indeterminate degree; Fisher holds volume of money _in circulation_ governs volu...

Meaning of distinction, and extent of qualification hard to determine: is "normal period" real period in time? How long is "transitional period"? Is it realistic, or hypothetica...

Loose relation of reserves and credit in world as whole; no proportionality of quantity of gold to value of gold; no quantity theory needed to assert that value of gold related...

Origin of gold money: ornament; store of value; social prestige of prodigality and of ornament; love of approbation, sex-impulse, and competitive display; elastic value-curve of...

Extent of barter and other flexible substitutes for money and bank-credit; simple barter; different methods of corporate consolidations; flexibility, with state of money-market;...