The Value of Money

by Benjamin M. (Benjamin McAlester) Anderson

"The Value of Money" by Benjamin M. Anderson is an analytical treatise on economic theory written in the early 20th century. The book primarily delves into the concept of money and its value within the broader spectrum of economic life, emphasizing the importance of dynamic change and speculation in trade. Through a critical lens, Anderson challenges traditional economic theories, particularly the quantity theory of money, asserting that a profound understanding of the value of money necessitates a comprehensive examination of various economic factors. The opening portion of "The Value of Money" introduces key themes that will be explored throughout the text. Anderson emphasizes that the value of money cannot be understood in isolation but must be analyzed in connection with the general theory of value and its implications in economic life. He critiques existing theories, arguing for a dynamic approach that considers how speculation and the evolving nature of trade influence the practical functions of money. With an academic background as an assistant professor of economics at Harvard University, Anderson aims to provide both a theoretical framework and statistical evidence to support his assertions regarding the intricate interrelations of value, money, and economic theory.