This is not a stupid question at all, Hüseyin. At 
least not in my opinion. When you ask "What does 
it mean," I assume you are asking how you can 
translate this concept into a theory or set of 
theorems about how individuals would act under 
certain conditions. I am not sure that this 
question has ever been answered satisfactorily, 
either by monetarists or by others. Usually, 
velocity is defined empirically or 
mathematically, which has nothing to do with the 
interpretative concept of "meaning." A good 
starting point for understanding the deeper problems involved may be:

Marget, A. W.(1938) The Theory of Prices. London: Prentice Hall. Volume 1.

Marget, A. W.(1942) The Theory of Prices. London: Prentice Hall. Volume 2.

Marget, A. W. (1932) “The Relation Between the 
Velocity of Circulation of Money and the 
‘Velocity of Circulation of Goods’ I.”Journal of 
Political Economy. 40 (3): 289-313.


Pat Gunning