The Theory of Money and Credit - Ludwig von Mises [64]
[6] See Simmel, Philosophie des Geldes, 2d ed. (Leipzig, 1907), pp. 115 f.; but, above all, Wieser, "Der Geldwert und seine Veränderungen," p. 513.
[7] See Schmoller, Grundriss der allgemeinen Volkswirtschaftslehre (Leipzig, 1902), vol. 2, p. 110.
[8] See Zwiedineck, "Kritisches und Positives zur Preislehre," Zeitschrift für die gesamte Staatswissenschaft, Vol. 65, pp. 200 ff.
[9] See Wieser, "Der Geldwert und seine Veränderungen," p. 513.
[10] See Senior, Three Lectures on the Value of Money (London, 1840; 1931), pp. 1 ff.; Three Lectures on the Cost of Obtaining Money (London, 1830; 1931), pp. 1 ff.
[11] See Davanzati, Lezioni delle monete, 1588 (in Scrittori classici italiani di economia politica, Parte Antica (Milan, 1804), vol. 2, p. 32. Locke and, above all, Montesquieu (De l'Ësprit des lois, edition Touquet [Paris, 1821], vol. 2, pp. 458 f.) share this view. See Willis, "The History and Present Application of the Quantity Theory," Journal of Political Economy 4 (1896): 419 ff.
[12] 31. See Zuckerkandl, Zur Theorie des Preises (Leipzig, 1889), p. 124.
[13] See Wieser, "Der Geldwert und seine Veränderungen," p. 514.
[14] See Carver, "The Value of the Money Unit," Quarterly Journal of Economics 11 (1897): 429 f.
[15] See Kinley, Money (New York, 1909), pp. 123 ff.
[16] See Walras, Théorie de la Monnaie (Lausanne, 1886), pp. 25 ff.
[17] See Kemmerer, Money and Credit Instruments in Their Relation to General Prices (New York, 1907), pp. 11 ff.
[18] See Wieser, "Der Geldwert und seine Veränderungen," pp. 514 ff.
[19] [See p. 124 n. H.E.B.]
[20] See Wicksell, Geldzins und Güterpreise (Jena, 1898), pp. iv ff, 16 ff.
[21] Ibid., p. 35.
[22] See Helfferich, Das Geld, 6th ed. (Leipzig, 1923), p. 577.
[23] Ibid., p. 578.
[24] Dr. B. M. Anderson, pp. 100-110 of his excellent work The Value of Money (New York, 1917), has objected to the theory set forth above that instead of a logical analysis it provides merely a temporal regressus. Nevertheless, all the acute objections that he manages to bring forward are directed only against the argument that finds a historical component in the exchange ratios subsisting between commodities, an argument with which I also [see pp. 133 ff. above] am in definite disagreement. But Dr. Anderson recognizes the logical foundation of my theory when he declares, "I shall maintain that value from some source other than the monetary employment is an essential precondition of the monetary employment" (p. 126).
[25] See Menger, Grundsätze der Volkswirtschaftslehre (Vienna, 1923), pp. 304 ff. [In the German edition of this book, the above paragraph was followed by an explanation that German writers, following Menger, usually refer to "the question of the nature and extent of the influence upon the exchange ratios between money and commodities exerted by variations in those determinants of prices that lie on the monetary side" as the problem of the innere objektive Tauschwert of money, and to "those concerned with variations in the objective exchange value of money throughout time and space in general" as the problem of its äussere objektive Tauschwert. Since this distinction has not been usual in English terminology, it has been omitted from the present version; and, in what follows, wherever "the objective exchange value of money" is referred to, it is the innere exchange value that is meant unless the contrary is explicitly stated. H.E.B.]
Chapter 9. The Problem of the Existence of Local Differences in the Objective Exchange-Value of Money.
1. Inter-local Price Relations. 2. Alleged Local Differences in the Purchasing Power of Money. 3. Alleged Local Differences in the Cost of Living.
1 Interlocal Price Relations
Let us at first ignore the possibility of various kinds of money being employed side by side, and assume that in a given district one kind of money serves exclusively as the common medium of exchange. The problem of the reciprocal exchange ratios of different kinds of money will then form the subject matter of the next chapter In this chapter, however,