Landmark Books in All Fields
ItemID: #86915
Cost: $950.00

Value of Money

Benjamin McAlester Anderson


ANDERSON, Benjamin McAlester. The Value of Money. New York: Macmillan, 1917. Octavo, original burgundy cloth. Housed in a custom clamshell box. $950.

First edition of this “devastating critique of leading American economist Irving Fisher’s quantity theory of money” (ANB).

"In 1917 [Anderson] published The Value of Money, a devastating critique of leading American economist Irving Fisher's quantity theory of money, which used a mechanical approach common in the neoclassical school of economics. Building on his concept of social value, Anderson constructed a 'psychological' theory of money that emphasized the quality and the quantity of money and credit. Hazlitt labeled the book 'one of the classics of American economic writings" (ANB). Anderson was a lifelong member of the Austrian School and he devoted much of his life to continuing Ludwig von Mises' work of integrating monetary theory into a general theory of value. Though Mises was regularly excoriated by Anderson, Mises remained largely complimentary toward Anderson's work and once called him "one of the outstanding characters in this age of the supremacy of time-servers." Bookseller ticket.

Interior generally quite nice, a few stains to cloth, light rubbing and toning to extremities. A very good copy. Rare.

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