In the course of the discussion, frequent criticisms are directed against the doctrines of Professors E. W. Kemmerer and Irving Fisher, particularly the latter, as the chief representatives of the present day formulation of the quantity theory. Both their theories and their statistics are fundamentally criticised. I find myself in radical dissent on all the main theses of Professor Fisher's _Purchasing Power of Money_, and at very many points of detail. To a less degree, I find myself unable to concur with Professor Kemmerer. But I should be sorry if the reader should feel that I fail to recognize the distinguished services which both of these writers have performed for the scientific study of money and banking, or should feel that dissent precludes admiration. I acknowledge my own indebtedness to both, not alone for the gain which comes from having an opposing view clearly defined and ably presented, but also for much information and many new ideas. My general doctrinal obligations in the theory of money and credit are far too numerous to mention in a preface. My greatest debt in general economic theory is to Professor J. B. Clark. B. M. ANDERSON, JR. HARVARD UNIVERSITY, March 31, 1917. ANALYTICAL TABLE OF CONTENTS _PART I. THE VALUE OF MONEY AND THE GENERAL THEORY OF VALUE_ CHAPTER I ECONOMIC VALUE PAGE Problem of value of money special case of general theory of value; present chapter concerned with general theory 1 Formal and logical aspects of value: value as quality; value as quantity; value and wealth 5-6 Absolute _vs._ relative conceptions of value: value of money _vs._ "reciprocal of price-level"; value prior to exchange; value and exchangeability; do prices correctly express values? 6-12 Doctrine so far in accord with main current of economic opinion 12-14 Causal theory of value new: marginal utility, labor theory, etc., rejected 14-16 Social explanation required: "individual" a social product, both in history of individual and in history of race 16-19 And above individual impersonal psychic forces, law, public opinion, morality, economic values 19-20 Three types of theory have dealt with these: theory of extra-human objective forces; extreme individualism; social value theory 20-21 Illustrated in jurisprudence, ethics, and economic theory 21-26 Law, morals, and economic values generically alike, but have _differentiae_ 26-28