In his answer to Robin Neill's "query", Tony Brewer rightly identifies "neutrality" with the "equiproportionality/no long-run real effects" propositions", and refers to Hume's awareness of two "exceptions" to neutrality (i.e. the open economy and the short-run). It may be interesting to notice that the "Austrians", von Mises and von Hayek, proposed a criticism of the "equiproportionality proposition" based upon the distinction between comparative statics and dynamics, thus going well beyond the two "exceptions" considered by Hume. In his criticism of Hume (and other authors supporting what he defined the "mechanical version" of the Quantity Theory) Mises wrote "There is no justification whatever for the widespread belief that variations in the quantity of money must lead to inversely proportionate variations in the objective exchange value of money, so that, for example, a doubling in the quantity of money must lead to a a halving in the purchasing power of money" (Mises (1971: 139-145; 206-212). He was explicit that the equiproportionality proposition holds true only in a comparative static sense, but not in the dynamic sense: doubling the quantity of money in a country will not lead to a doubling of the price level, since the latter view implies the untenable assumption that the new money is distributed exactly in proportion to each individual's existing money holdings , which is equivalent to assuming distributional effects away. In reality, the new money is always injected into the system at particular points. Consequently, the relative wealth of individuals is affected, and so are relative prices: the relative prices of the goods favoured by individuals whose real wealth has increased rise more than those of the goods favoured by individuals whose relative wealth has fallen. (Mises, 1971, [1924], p.207; pp.139-140). Thus, the effects of money on relative prices and its distributional effects are parts of the same process. Mises, The Theory of money and credit, The Foundation for Economic Education, Irvington-on Hudson, New York, 1971. Lilia Costabile