ABSTRACT
In the December 1906 issue {of Ekonomisk Tidskrift}, there is an essay by the editor entitled ‘A few words on the concept of “the value of money”’, the main content of which is a critique of the proposal that I presented in the second volume of my published lectures, as previously in my book Geldzins und Güterpreise [Interest and Prices], for giving money, as far as possible, a constant exchange value or purchasing power. Some of the remarks that Prof. Davidson thus makes deal with certain questions of a rather abstract kind concerning the actual meaning of the concept referred to; in my opinion, it would still be premature to say that any particular doctrine had settled these issues conclusively-for the time being, I suppose we shall have to be content to allow the discussion to be the answer to the question, as the phrase goes. Others, however, are of direct practical significance, and where these are concerned, I should like to attempt to continue to defend my point of view a little longer. In so doing, I am motivated particularly by the ongoing and sadly topical debate about crises and their causes, and for this reason, I beg to return to the subject, albeit belatedly, in this essay.
