Chapter 5 MARGINAL UTILITY AND THE VALUE OF MONEY

Marginal utility theory usually thinly disguised version of supply and demand, and hence inapplicable to money 80

View that money is unique in having no utility per se 81-83

Marginal utility and "commodity theory" of money-value 81-82

Quantity theorists and marginal utility of money 81-82

Money an instrumental good, and marginal utility no less applicable here than elsewhere; marginal utility invalid as general theory of value, hence invalid when applied to money 82-120

Wieser's theory of value of money 83-88

A circle in reasoning 88-90

Schumpeter's similar circle 100

But Schumpeter's general utility theory, though inapplicable to value of money, in form avoids a causal circle 90-98

Schumpeter's conspectus; different from B?hm-Bawerk and most utility theorists 90-92, 113-120

Defects and limitations of Schumpeter's general theory 90-98

Schumpeter's substitutes for social value concept 98-99

Von Mises sees circle of Wieser and Schumpeter 100

Seeks to avoid it by construing utility theory as historical, instead of static, theory 101

But this departs from fundamentals of utility theory; other difficulties 101-110

Kinley's doctrine 110-111

General criticism of utility theory 111-115

Davenport, Wicksteed, Fisher, Perry 113-120

PART II. THE QUANTITY THEORY