Note 457 — Chapter XXI

It seems necessary to point out this essential lack of correlation between value and exchangeability, since Mr. Horace White, in his Money and Banking (5th ed., p. 135), identifies value and exchangeability: "Value is an ideal thing in the same sense that weight is. The former means exchangeability; the latter means force of gravity. A dollar is a definite amount of exchangeability." Cf. also Amasa Walker's contention that "exchangeable value" is tautology, equivalent to "exchangeable exchangeability!" Science of Wealth, 5th ed., p. 9. Cf. my article "The Concept of Value Further Considered," Quart. Jour. of Econ., Aug. 1915, pp. 696 et seq.