align="right">76

Capitalization theory assumes money, and fixed value of money 76-77 Assumed fixed value of money absolute, and not relative 77-78 Capitalization theory, in current formulation, inapplicable to value of money 78-79   CHAPTER V

MARGINAL UTILITY AND THE VALUE OF MONEY Marginal utility theory usually thinly disguised version of supply and demand, and hence inapplicable to money 80 View that money is unique in having no utility per se 81-83 Marginal utility and "commodity theory" of money-value 81-82 Quantity theorists and marginal utility of money 81-82 Money an instrumental good, and marginal utility no less applicable here than elsewhere; marginal utility invalid as general theory of value, hence invalid when applied to money 82-120 Wieser's theory of value of money 83-88 A circle in reasoning 88-90 Schumpeter's similar circle 100 But Schumpeter's general utility theory, though inapplicable to value of money, in form avoids a causal circle 90-98 Schumpeter's conspectus; different from Böhm-Bawerk and most utility theorists 90-92, 113-120 Defects and limitations of Schumpeter's general theory 90-98 Schumpeter's substitutes for social value concept 98-99 Von Mises sees circle of Wieser and Schumpeter 100 Seeks to avoid it by construing utility theory as historical, instead of static, theory 101 But this departs from fundamentals of utility theory; other difficulties 101-110 Kinley's doctrine 110-111 General criticism of utility theory 111-115 Davenport, Wicksteed, Fisher, Perry 113-120

PART II. THE QUANTITY THEORY