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The Value of Money
img img The Value of Money img Chapter 12 VELOCITY OF CIRCULATION
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Chapter 12 VELOCITY OF CIRCULATION

Velocity conceived by quantity theory as causal entity, independent of quantity of money and prices; necessary assumption for law of proportionality 203

"Coin-transfer" vs. "person-turnover" concepts 203-204

Velocity really non-essential by-product, meaningless average 204-205

Doctrine that velocity independent of money; habit and convenie

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