but only minor part of these values; individuals, classes and institutions heavily weighted by legal, moral, and other social values, in power over economic values of consumers' goods

33-38 Economic social value (b) of labor, land, stocks, bonds, "good will," etc.; based only in part on values of consumers' goods; partially independent, directly influenced by contagion, and centers of power and prestige 38-41 Pragmatic character of theory 41-43 Relation of social values to individual values 43-45   CHAPTER II

SUPPLY AND DEMAND, AND THE VALUE OF MONEY Hiatus between general theory of value and theory of value of money 46-47 Partly because former has been developed by different writers from those who have developed latter 47-49 But chiefly because supply and demand, cost of production, etc., assume fixed value of money, and are theories of price, rather than value 49 Supply and demand useful but superficial formula, common property of many value theories 49-50 Crude and unanalyzed in Smith and Ricardo; first made precise by J. S. Mill, who gives essentials of modern doctrine 49-51 Böhm-Bawerk's pseudo-psychology spoils Mill's clean-cut doctrine 51-52 Supply and demand assumes fixed value of money-unit, and hence inapplicable to money itself 52-56 But supply and demand does not assume fixed price-level 56-57 Cairnes vs. Mill 57-58 Mill's unsuccessful effort to apply supply and demand to money 59-62 Walker's attempt 62 Supply and demand in the "money market" 62-63   CHAPTER III

COST OF PRODUCTION AND THE VALUE OF MONEY Types of cost theory: modern cost doctrine is "money costs" doctrine, and inapplicable to value of money 64 Labor cost: Smith; Ricardo; Ricardo's confession of failure; "real costs" in Senior and Cairnes; Mill's "money-outlay" cost doctrine, and Cairnes' criticism; but "money-cost" has survived 64-67 Because "real cost" doctrine does not square with facts 67-69 "Money-cost" of producing money-metal 69-70 Austrian cost doctrine runs still in money terms, assuming value, money, and fixed value of money 70-71 "Negative social values" as "real costs" note, 71   CHAPTER IV

THE CAPITALIZATION THEORY AND THE VALUE OF MONEY Money as "capital good," and "money-rates" as rentals 72-73 Capitalization theory; formula; capital value passive resultant of annual income and rate of discount 73-74 But in case of money, rental and rate of discount not independent variables 74-76 And in case of money, capital value not passive shadow, but active cause of income