The monetary theories of Carl Menger and Friedrich von Wieser

A comparative study

Bibliographic Data

ID21604486
AuthorsKarl‐Friedrich Israel (0000-0003-3512-7362, Moscow State University of Technologies and Management named after K.G. Razumovskiy, corresponding author), Karl-Friedrich Israel
Year2022
Volume29
Issue5
Pages855-876
Publication date2022-09-03
Open AccessNo
TypeARTICLE
VenueEuropean Journal of the History of Economic Thought (JOURNAL)
Journal identifiersISSN: 0967-2567 • E-ISSN: 1469-5936
PublisherInforma UK Limited (PUBLISHER • GB)
DOI10.1080/09672567.2022.2113813
OpenAlexW4293236193
LanguageEN
References cited18

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

Ambiguity · Classical economics · Economics · Keynesian economics · Linguistics · Manger · Mathematical economics · Neoclassical economics · Positive economics · Theology · Economic Theory and Institutions · Economic Theory and Policy · History · Mathematics · Philosophy · Political Economy and Marxism

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