The monetary theories of Carl Menger and Friedrich von Wieser: a comparative study

Karl-Friedrich Israel

The European Journal of the History of Economic Thought, 2022, vol. 29, issue 5, 855-876

Abstract: Menger’s adoption of the twin notions of inner and outer exchange value of money is ambiguous when considered within the broader context of his theory of value and price. Wieser recognised the problem and replaced the two notions by the economy-wide objective exchange value of money. Wieser was thus able to avoid Manger’s ambiguity and reached a more optimistic conclusion in terms of the potential of activist monetary policy to facilitate economic progress and development. This conclusion, however, can be questioned if Menger’s value theoretic foundations are correct, despite the ambiguity in his analysis.

Date: 2022
References: Add references at CitEc
Citations:

Downloads: (external link)
http://hdl.handle.net/10.1080/09672567.2022.2113813 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:taf:eujhet:v:29:y:2022:i:5:p:855-876

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/REJH20

DOI: 10.1080/09672567.2022.2113813

Access Statistics for this article

The European Journal of the History of Economic Thought is currently edited by José Luís Cardoso

More articles in The European Journal of the History of Economic Thought from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().