Dowd takes a largely Austrian approach to economics, but one that is heavily influenced by the Quantity Theory of Money and the work of monetarists such as Milton Friedman and David Laidler.
32.
In mathematical terms, this equation is really an Some adherents of the quantity theory of money assume that the velocity of money is stable and predictable, being determined mostly by financial institutions.
33.
In 1517 he derived a quantity theory of money a key concept in economics and in 1519 he formulated an economics principle that later came to be called Gresham's law.
34.
Wicksell's main intellectual rival was the American economist Irving Fisher, who espoused a more succinct explanation of the quantity theory of money, resting it almost exclusively on long run prices.
35.
In the simplest models and in the simplest form of the quantity theory of money, money is completely neutral, that is, changes in the money supply do not affect anything real.
36.
During the 1870s and 1880s, the Greenback Party existed for the primary purpose of advocating an increased circulation of United States Notes as a way of creating inflation according to the quantity theory of money.
37.
Friedman's 1956 " The Quantity Theory of Money : A Restatement " } } incorporated Keynes's demand for money and liquidity preference into an equation similar to the classical equation of exchange.
38.
The criticism that social credit policies are inflationary is based upon what economists call the quantity theory of money, which states that the quantity of money multiplied by its velocity of circulation equals total purchasing power.
39.
In new classical macroeconomics the quantity theory of money was still a doctrine of fundamental importance, but Robert E . Lucas and other leading new classicals made serious efforts to specify and refine its theoretical meaning.
40.
Paul Krugman gave empirical evidence that the quantity theory of money does not operate when an economy is in a liquidity trap, and that even tripling the money supply in that situation had no measurable effect on prices.
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