The Value of Money

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Problem of value of money special case of general theory of value; present chapter concerned with general theory 1

Formal and logical aspects of value: value as quality; value as quantity; value and wealth 5-6

Absolute vs. relative conceptions of value: value of money vs. "reciprocal of price-level"; value prior to exchange; value and exchangeability; do prices correctly express values? 6-12

Doctrine so far in accord with main current of economic opinion 12-14

Causal theory of value new: marginal utility, labor theory, etc., rejected 14-16

Social explanation required: "individual" a social product, both in history of individual and in history of race 16-19

And above individual impersonal psychic forces, law, public opinion, morality, economic values 19-20

Three types of theory have dealt with these: theory of extra-human objective forces; extreme individualism; social value theory 20-21

Illustrated in jurisprudence, ethics, and economic theory 21-26

Law, morals, and economic values generically alike, but have differenti? 26-28

But not differentiated on basis of states of consciousness of individual immediately moved by them, because many minds in organic interplay involved 28-33

Economic social value (a) of consumers' goods and services: "utility" and scarcity; "marginal utility"; social explanation of marginal utility; marginal utilities the conscious focus of economic values of consumers' goods; but only minor part of these values; individuals, classes and institutions heavily weighted by legal, moral, and other social values, in power over economic values of consumers' goods 33-38

Economic social value (b) of labor, land, stocks, bonds, "good will," etc.; based only in part on values of consumers' goods; partially independent, directly influenced by contagion, and centers of power and prestige 38-41

Pragmatic character of theory 41-43

Relation of social values to individual values 43-45