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 76 Capitalization theory assumes money, and fixed value of money 76-77 Assumed fixed value of money absolute, and not relative 77-78 Capitalization theory, in current formulation, inapplicable to value of money 78-79 CHAPTER V MARGINAL UTILITY AND THE VALUE OF MONEY Marginal utility theory usually thinly disguised version of supply and demand, and hence inapplicable to money 80 View that money is unique in having no utility _per se_ 81-83 Marginal utility and "commodity theory" of money-value 81-82 Quantity theorists and marginal utility of money 81-82 Money an instrumental good, and marginal utility no less applicable here than elsewhere; marginal utility invalid as general theory of value, hence invalid when applied to money 82-120 Wieser's theory of value of money 83-88 A circle in reasoning 88-90 Schumpeter's similar circle 100 But Schumpeter's general utility theory, though inapplicable to value of money, in form avoids a causal circle 90-98 Schumpeter's _conspectus_; different from Boehm-Bawerk and most utility theorists 90-92, 113-120 Defects and limitations of Schumpeter's general theory 90-98 Schumpeter's substitutes for social value concept 98-99 Von Mises sees circle of Wieser and Schumpeter 100 Seeks to avoid it by construing utility theory as historical, instead of static, theory 101