... p.109.SCpoBohm-Bawerk,op.cit.,II.Abt.,p.217.lOIVALUE OF MONEY§3 The ProblemsInvolvedin the Theory of the Value of Money The theory of money must take account of the fundamentaldifference between the principles which govern the value of moneyandthose which govern the value of commodities.In the ... doesnotmeanthat the progress of the sciencehasleftnotraceonmonetary theory ingeneralandon the theory of the value of moneyinparticular.Itisone of the manyservices of the subjective theory of valuetohaveprepared the wayfor adeeperunderstanding of the natureandvalue of money. The investigations of Mengerhaveplaced the theory onanewbasis.Buttillnowonethinghasbeenneglected.Neitherl\1enger,norany of the manyinvestigatorswhohavetriedtofollowhim,haveevensomuchasattemptedtosolve the fundamentalproblem of the value of money.Broadlyspeaking,theyhaveoccupiedthemselveswithcheckinganddeveloping the traditionalviewsandhereandthereexpoundingthemmorecorrectlyandprecisely,buttheyhavenotprovidedananswerto the question:Whatare the determinants of the objectiveexchange-value of money?MengerandJevonshavenottouchedupon the problematall.Carver3andKinley'havecontributednothing of realimportanceto ... money. The othersimilarly complete theory of the value of moneyisthatversion of the Quantity Theory associated with the ~ame of Davan-zati.' According to this theory, all the thingsthatare...