Read The Value of Money - Books Library

The Value of Money

Benjamin McAlester Anderson Jr.

4.9/5 (33749 ratings)

Description:Benjamin Anderson, American Austrian, was among a handful of economists, led by Ludwig von Mises in his pioneering work The Theory of Money and Credit in 1912, who set out to integrate monetary theory into a general theory of value.Anderson devoted a major portion of his great book The Value of Money, published in 1917, to a refutation of the "mechanical" quantity theory of money.He argued that the causes and effects from which the data of the quantity equation are constructed are disaggregated and complex; whatever the correlation between the aggregate variables of the quantity equation, correlation is not causation; causation cannot be established in the equation because there are no quantitative constants in human action (in particular, velocity is not constant); the quantity theory ignores time; there is no unambiguous way to define the variables in the theory: the money stock, velocity, the quantity of goods, and the price level.Anderson further holds that whatever true propositions the quantity theory offers can as well be deduced from a correct theory of value and that many true theories of modern economics (such as the laws of demand and supply, the theory of capitalization, and Gresham’s law) are inconsistent with it.Although some true propositions can be had from the quantity theory, not every conclusion derived from it is true. Anderson expended much effort to demonstrate that many theories constructed upon it are false.For example, he argued that the independence between the stock of money and the quantity of goods, assumed for the purpose of reaching the conclusion that increases in the stock of money lead to proportional increases in the price level, if carried into macroeconomics has pernicious effects.We have made it easy for you to find a PDF Ebooks without any digging. And by having access to our ebooks online or by storing it on your computer, you have convenient answers with The Value of Money. To get started finding The Value of Money, you are right to find our website which has a comprehensive collection of manuals listed.
Our library is the biggest of these that have literally hundreds of thousands of different products represented.

Pages: 610

Format: PDF, EPUB & Kindle Edition

Publisher: Ludwig von Mises Institute

Release: 2007

ISBN: 1610160460

Description: Benjamin Anderson, American Austrian, was among a handful of economists, led by Ludwig von Mises in his pioneering work The Theory of Money and Credit in 1912, who set out to integrate monetary theory into a general theory of value.Anderson devoted a major portion of his great book The Value of Money, published in 1917, to a refutation of the "mechanical" quantity theory of money.He argued that the causes and effects from which the data of the quantity equation are constructed are disaggregated and complex; whatever the correlation between the aggregate variables of the quantity equation, correlation is not causation; causation cannot be established in the equation because there are no quantitative constants in human action (in particular, velocity is not constant); the quantity theory ignores time; there is no unambiguous way to define the variables in the theory: the money stock, velocity, the quantity of goods, and the price level.Anderson further holds that whatever true propositions the quantity theory offers can as well be deduced from a correct theory of value and that many true theories of modern economics (such as the laws of demand and supply, the theory of capitalization, and Gresham’s law) are inconsistent with it.Although some true propositions can be had from the quantity theory, not every conclusion derived from it is true. Anderson expended much effort to demonstrate that many theories constructed upon it are false.For example, he argued that the independence between the stock of money and the quantity of goods, assumed for the purpose of reaching the conclusion that increases in the stock of money lead to proportional increases in the price level, if carried into macroeconomics has pernicious effects.We have made it easy for you to find a PDF Ebooks without any digging. And by having access to our ebooks online or by storing it on your computer, you have convenient answers with The Value of Money. To get started finding The Value of Money, you are right to find our website which has a comprehensive collection of manuals listed.
Our library is the biggest of these that have literally hundreds of thousands of different products represented.

Special Offer | $0.00

Special Offer! | $0.00

The Value of Money

The Value of Money

More Books

Economics and the Public Welfare: A Financial and Economic History of the United States, 1914-1946

Economics and the Public Welfare: A Financial and Economic History of the United States, 1914-1946

Social Value A Study in Economic Theory Critical and Constructive

Social Value A Study in Economic Theory Critical and Constructive

International Currency - Gold versus Bancor or Unitas

International Currency - Gold versus Bancor or Unitas

The Return To Normal: The Abnormal Tendencies That Produced The Crisis Of 1920 (1921)

The Return To Normal: The Abnormal Tendencies That Produced The Crisis Of 1920 (1921)

Effects of the War On Money, Credit and Banking in France and the United States

Effects of the War On Money, Credit and Banking in France and the United States

Price readjustment 1918 [Leather Bound]

Price readjustment 1918 [Leather Bound]

The Fallacy of the Stabilized Dollar

The Fallacy of the Stabilized Dollar

The Return To Normal: The Abnormal Tendencies That Produced The Crisis Of 1920. - The Extent To Which The Crisis Has Corrected Unsound Tendencies. - The Remaining Problems Of Readjustment

The Return To Normal: The Abnormal Tendencies That Produced The Crisis Of 1920. - The Extent To Which The Crisis Has Corrected Unsound Tendencies. - The Remaining Problems Of Readjustment