The golden age of the quantity theory by David E.W. Laidler

By David E.W. Laidler

Records the elaboration of the amount concept of cash right into a basic selection theoretic clarification of rate point behaviour. the writer argues that the relevant architects of the volume idea - Marshall, Fisher and Wicksell - contributed ultimately to the cave in of the ideal.

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L It did not stem from any inconsistency or error in the conclusion. themselves, as it did in the Currency School literatun of the 1830. and 1840&. 16 1870s ORTHODOXY The 'rapidity of circulation' concept incorporated in classical monetary economics was a transactions (as opposed to income) velocity idea. Discussions of its determinants, particularly in a secular context, went in terms of the technical institutional characteristics of the trading system in general, and the financial system in particular, rather than referring to factors conditioning individual portfolio choices.

2~ IUl6ertion that the PCOCCIiIi of growth in .. t economy could break clown aIi .. result of overliaving. e6 itli own demand' and denied that at general overliupply of everything to be traded wa. ': However, and crucially different from any ecooonW;t who viewed money will)' and alwa),6 aIi .. sentli wishing to acquire calih balances in order to bold them, rather than to lipeod them Oil goods. Qne)'. Now agents would only wilih to accumulate money fMr 61 if they wished to hold it as an aliliet, and such a possibility could, according to Mill, arilie aIi a short-lived phenomenon during a financial crisis.

Too large' a domestic supply of the precious metals in circulation would te:mpurarily cause 'too high' a domestic price level, in the well ddincd sense that a balance of trade deficit and Il gold outflow would occur. ; itl! impliclltiuns for the behaviour of the exchllnge rllte of Iln inconvertible: paper money had also been thoroughly explored. > words, The substitution, , , of pllper (or the: precious mclltls, should IIlwIIY~ be cllrried liS fllr liS is consistent with sllfety; no grellte, IImOUlI1 01 metallic currency being relllined thlln is lIeCC:Sbllry to mllintlllll, hoth in factllnd in public belief, the convertibility ol'the pllpe, (11171, plllllr (43), The extent to which price level fluctuations, ab oppolicd to not very well articulated direct real balance effectb, werc btrel>lOed in the mechanisms at work ati paper drove gold abroad varied frum writer to writer.

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