IDEAS home Printed from https://ideas.repec.org/a/mic/tmpjrn/v13y2017i01p3-7.html
   My bibliography  Save this article

Mises' Incomplete Theory of the Value of Money

Author

Listed:
  • Katarzyna Appelt

    (University of Poznan)

Abstract

Ludwig von Mises introduced the concept of marginal utility into Austrian economics. He presented what he described as a complete theory of the value of money on the basis of the subjective theory of value and its peculiar doctrine of marginal utility. It is shown here that Mises’ theory of value is unclear for at least three reasons. Mises states that his theory of money is based on Menger’s theory of value, while in fact his theory refers to Jevons’ rather than to Menger’s. Secondly, the essence of Mises’ theory contradicts his earlier assumption on the immeasurability of the use value of money. Thirdly, Mises’ concept of continuity in the objective exchange value of money is not grounded in the subjective theory of value.

Suggested Citation

  • Katarzyna Appelt, 2017. "Mises' Incomplete Theory of the Value of Money," Theory Methodology Practice (TMP), Faculty of Economics, University of Miskolc, vol. 13(01), pages 3-7.
    • Handle: RePEc:mic:tmpjrn:v:13:y:2017:i:01:p:3-7
    as

    Download full text from publisher

    File URL: http://tmp.gtk.uni-miskolc.hu/volumes/2017/01/TMP_2017_01_01_3_7.pdf
    Download Restriction: no
    ---><---

    More about this item

    Keywords

    theory of money value; subjective use value of money; objective exchange value of money; marginal utility; Menger; Jevons;
    All these keywords.

    JEL classification:

    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • D46 - Microeconomics - - Market Structure, Pricing, and Design - - - Value Theory
    • E14 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Austrian; Evolutionary; Institutional

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:mic:tmpjrn:v:13:y:2017:i:01:p:3-7. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: the person in charge (email available below). General contact details of provider: https://edirc.repec.org/data/vgtmihu.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.