(2)密塞斯的货币价值论
密塞斯(Ludwig von Mises)在他的《货币与信用论》(Theory of Money and Credit)，[46]把货币的价值归纳在客观的交换价值一角内，但纯粹的客观的交换价值不是奥国学派立论的基础，所以他很巧妙地把主观的价值归纳到客观的范围以内。
“Subjective use value of money coincides with subjective exchange value ofmoney.”
“Subjective use value ofmoney is simply the anticipated use value of the things that are to be bought with it.”
“Subjective value of money must be measured by the marginal utility of the goods which the money can be exchanged”.[47]
货币的主观评价自然以现在的客观交换价值为前提，然而前提中的价值不是未来的价值，而是昨日的交换价值，笼罩今日市上的货币客观交换价值，是由昨日各个人在市上的主观评价的影响所造成，而昨日的货币客观交换价值又是由前日各个人主观评价所造成。由此上推，直至货币不曾含有客观交换价值，即货币尚未成为货币的一天为止。在那时候，货币的价值不过是一种普通货物的价值而已。
“It is true that the subjective valuation ofmoney presupposes an existing objective exchange-value，but the value that has to be presupposed is not the same as the value that has to be explained;what has to be presupposed is yesterday'sexchange-value，and it is quite legitimate to use it in an explanation of that of to-day.The objective exchange-value ofmoney which rules in themarket to-day is derived fromyesterday's under the influence of subjective valuations of individuals frequenting the market，just asyesterday's in its turn was derived under the influence of subjective valuations fromthe objective exchange-value possessed by themoney the day before yesterday.”
“If in this way we continually go farther and farther back we must eventually arrive at a point where we no longer find any component in the objective exchange-value ofmoney that arrives fromvaluations based on the function ofmoney as a common mediumof exchange;where the value of money is nothing other than the value of an object that is useful in some other way than asmoney.”[48]
密塞斯以为货币全体的界限效用与其总效用相同，因为货币全体在此时是不可分的整体。
“When a stock is valued as a whole，its marginal utility，that is to say，the utility of last available unit of it，coincides with total utility，since the total supply is one indivisible quantity”.[49]
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