the quantity theory of money is true by definition (the velocity can only be measured as (price * output )/money stock). It doesn't say anything unless some sort of theory is added. Jim Devine [EMAIL PROTECTED] http://myweb.lmu.edu/jdevine
________________________________ From: PEN-L list on behalf of Michael Hoover Sent: Tue 2/1/2005 6:16 PM To: [email protected] Subject: [PEN-L] query: quantity theory of money 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 -------------------------------------------------------------- Please Note: Due to Florida's very broad public records law, most written communications to or from College employees regarding College business are public records, available to the public and media upon request. Therefore, this e-mail communication may be subject to public disclosure.
