... respect, the QuantityTheoryresemblesvariousgeneraltheories of value(manyversions of the doctrine of supply and demand,forexample),whichhavenotattemptedtoexplainpriceassuchbuthavebeencontenttoestablish alaw of price-variations.lTheseforms of the QuantityTheoryareinfactnothingbut the application of the Law of Supply and Demandto the problem of the value of money.Theyintroduceintomonetarytheoryall the strongpoints of thisdoctrine; and of course ... doesnotmeanthat the progress of the sciencehasleftnotraceonmonetarytheoryingeneral and on the theory of the value of moneyinparticular.Itisone of the manyservices of the subjectivetheory of valuetohaveprepared the wayfor adeeperunderstanding of the nature and value of money. The investigations of Mengerhaveplaced the theoryonanewbasis.Buttillnowonethinghasbeenneglected.Neitherl\1enger,norany of the manyinvestigatorswhohavetriedtofollowhim,haveevensomuchasattemptedtosolve the fundamentalproblem of the value of money.Broadlyspeaking,theyhaveoccupiedthemselveswithchecking and developing the traditionalviews and here and thereexpoundingthemmorecorrectly and precisely,buttheyhavenotprovidedananswerto the question:Whatare the determinants of the objectiveexchange-value of money?Menger and Jevonshavenottouchedupon the problematall.Carver3 and Kinley'havecontributednothing of realimportanceto ... tothatwhichithad the daybefore, and soon,isto raise the question of whatdetermined the value of moneyin the first place. Consideration of the origin of the use of money and of the particularcomponents of itsvaluethatdependonitsmonetaryfunction...