Abstract
Menger’s adoption of the twin notions of inner and outer exchange value of money is ambiguous when considered within the broader context of his theory of value and price. Wieser recognised the problem and replaced the two notions by the economy-wide objective exchange value of money. Wieser was thus able to avoid Manger’s ambiguity and reached a more optimistic conclusion in terms of the potential of activist monetary policy to facilitate economic progress and development. This conclusion, however, can be questioned if Menger’s value theoretic foundations are correct, despite the ambiguity in his analysis.
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