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- W220719776 abstract "This chapter describes the standard of value theory. Although as a general rule the materialist school supports the medium of exchange theory of the origin of money a few of its members endorsed the standard of value theory. Laughlin, a leading monetary materialist, stated that as soon as two or three articles entered the field of exchange, reference to a common denominator became imperative. “So natural is this operation of the human mind,” he said, “that the evolution of the standard concept must have preceded the concept of the medium of exchange.” According to the standard of value theory of the origin of money, it is difficult to see how the medium of exchange could possibly have preceded in chronological order the standard of value, considering that the use of a medium of exchange necessarily implies the use of a standard of value. If an object comes to be used systematically as an intermediary in the exchange of goods and services, by its function its use implies consciously or otherwise the expression of prices in terms of the object concerned. It fulfils, therefore, the function of the standard of value." @default.
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- W220719776 date "1966-01-01" @default.
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- W220719776 title "The Standard of Value Theory" @default.
- W220719776 doi "https://doi.org/10.1016/b978-0-08-011679-2.50120-0" @default.
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