"ONE OF THE CLASSICS OF AMERICAN ECONOMICS WRITINGS" (HAZLITT)
ANDERSON, Benjamin McAlester. The Value of Money. New York: Macmillan, 1917. Octavo, original burgundy cloth. $950.
First edition, advance review copy, 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." Advance Review Copy with publisher's embossed bookstamp to title page. Small inkstamp of Psychological Bulletin with deaccession mark above title page. Owner signature of economist Olin S. Pugh.
Spine a bit toned. A near-fine copy.