Ex-penner and co-author with Mary Hart-Landsberg, Paul Burkett, has made a convincing case that the money responds to demand. In short, he turns the law upside down.
Michael Hoover wrote:
some (many? most?) folks maintain that science consists of those areas of a discipline in which there exists reasonable predictability, 'boyle's law' in physicial sciences - for example - which can produce exact prediction of increase in pressure as gas is heated degree by degree (physical sciences are not always so precise)...
few such 'laws' as such exist in social sciences, is quantity theory - volume or amount of a product remains constant and demand also is constant, price will rise as amount of money and credit in circulation increases - money an example (assuming i have expressed theory correctly)... poli-sci guy michael hoover
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Michael Perelman Economics Department California State University michael at ecst.csuchico.edu Chico, CA 95929 530-898-5321 fax 530-898-5901
