The Quantity Theory is Always and Everywhere Controversial—Why?

David Laidler

The Economic Record, 1991, vol. 67, issue 4, 289-306

Abstract: Controversy about the Quantity Theory has been marked by common themes since the 18th century. These include the definition of money, the relationship between correlation and causation, and the transmission mechanism. Controversy has continued because of the technical difficulty of sorting out the direction of causation running between money and prices, and, on a deeper level, because ideological concerns about the viability of market mechanisms are at stake in the controversy.

Date: 1991
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