SUPPLY AND DEMAND, AND THE VALUE OF MONEY
_Hiatus_ between general theory of value and theory of value
of money 46-47
Partly because former has been developed by different writers
from those who have developed latter 47-49
But chiefly because supply and demand, cost of production,
etc., _assume_ fixed value of money, and are theories of
_price_, rather than _value_ 49
Supply and demand useful but superficial formula, common
property of many value theories 49-50
Crude and unanalyzed in Smith and Ricardo; first made precise
by J. S. Mill, who gives essentials of modern doctrine 49-51
Boehm-Bawerk's pseudo-psychology spoils Mill's clean-cut
doctrine 51-52
Supply and demand assumes fixed _value_ of money-unit, and
hence inapplicable to money itself 52-56
But supply and demand does _not_ assume fixed _price-level_ 56-57
Cairnes _vs._ Mill 57-58
Mill's unsuccessful effort to apply supply and demand to
money 59-62
Walker's attempt 62
Supply and demand in the "money market" 62-63