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Mon, 16 Nov 2009 15:21:29 -0500 |
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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
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