Money and the Mechanism of Exchange

Menger challenges Jevons’ account of the historical evolution of money by offering a more organic, decentralized model rooted in spontaneous order. While Jevons emphasizes utility and efficiency, Menger stresses emergent institutional development through individual action without centralized…

Mises provides a robust critique of earlier monetary theories (including Jevons), offering a praxeological and subjectivist account of money’s value. Mises critiques Jevons for insufficient theoretical depth, especially in the treatment of the demand for money and the role of credit.

While not direct refutations, Keynes’ theories on money, liquidity preference, and monetary policy mark a sharp departure from Jevons’ equilibrium-centered thinking.

Hayek challenges the very assumptions of state-backed currency systems that underlie parts of Jevons’ analysis. Hayek’s work is a radical rethinking of monetary mechanisms and monetary competition, suggesting limits to centralized monetary design.

Rich in historical detail, this work explores how monetary systems developed across civilizations. Del Mar offers what Jevons doesn’t: a deep dive into the institutional, political, and legal aspects of money.

Selgin tells the story of private coinage and monetary innovation in Industrial England—a perfect historical pairing for Jevons. Especially interesting for its case studies and relevance to market-based monetary theory.

Marshall admired and built on Jevons’ style of reasoning. This posthumous volume lays out practical and historical material about currency, banking, and credit with Marshall’s famous clarity and realism. This text complements Jevons by extending his logic into broader commercial systems.

Introduces the concept of the natural rate of interest and explores how interest rates affect price stability. Wicksell offers a dynamic alternative to Jevons’ equilibrium-based thinking.