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There are two parts to the problem of measuring the objective exchange-value of money. First we have to obtain numerical demonstration of the fact of variations in the objective exchange-value of money; then the question must be decided whether it is possible to make a quantitative examination of the causes of particular price movements, with special reference to the question whether it would be possible to produce.So far as the first-named problem is concerned, it is self-evident that its solution must assume the existence of a good, or complex of goods, of unchanging objective exchange-value. The fact that such goods are inconceivable needs no further elucidation.If the one is proved to be soluble, then so also is the other; and proof of the insolubility of the one is also proof of the insolubility of the other.
There are two parts to the problem of measuring the objective exchange-value of money. First we have to obtain numerical demonstration of the fact of variations in the objective exchange-value of money; then the question must be decided whether it is possible to make a quantitative examination of the causes of particular price movements, with special reference to the question whether it would be possible to produce.So far as the first-named problem is concerned, it is self-evident that its solution must assume the existence of a good, or complex of goods, of unchanging objective exchange-value. The fact that such goods are inconceivable needs no further elucidation.If the one is proved to be soluble, then so also is the other; and proof of the insolubility of the one is also proof of the insolubility of the other.
Approximate author period: c. 1927 AD · modern
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- Ludwig von Mises
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- Approximate author period: c. 1927 AD · modern
Approximate author-period anchor from life dates 1881 to 1973; Wikidata Q84233, https://www.wikidata.org/wiki/Q84233 (accessed 2026-10-08). Not a quotation composition date.
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Supplied reference C; CSV row 119663; supplied attribution, independently unverified
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