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The Value of Money
img img The Value of Money img Chapter 9 THE VOLUME OF MONEY AND THE VOLUME OF CREDIT
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Chapter 9 THE VOLUME OF MONEY AND THE VOLUME OF CREDIT

Mill thought credit acts on prices like money, and that this reduces quantity theory tendency to indeterminate degree; Fisher holds volume of money in circulation governs volume of credit, so that quantity theory stands 172

Fisher's arguments for fixed ratio, money to bank-deposits 172-173

Argument a non-sequitur, even if contentions true 173-177

Contentions untrue: no fixed ratio between reserves and deposits, or reserves and demand liabilities, either in America or Europe 177-182

Taussig's views; virtually surrender of quantity theory in modern conditions 182-185

Bulk of quantity theorists in between Fisher and Taussig, but nearer to Fisher's view than to Taussig's 185

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