The Value of Money

The Value of Money, written by Benjamin M. Anderson and published in 1917, is an analytical treatise that critiques traditional economic theories, particularly the quantity theory of money. Anderson argues for a dynamic understanding of money's value, emphasizing the complex interrelations between money, value, and economic factors. He asserts that the value of money cannot be isolated from the general theory of value and highlights the importance of speculation and trade in shaping its practical functions. As an assistant professor of economics at Harvard, Anderson provides both theoretical frameworks and statistical evidence to support his claims.