| 单词 | quantity theory of money |
| 释义 | quantity theory of money A theory, first proposed by the philosopher David Hume (1711-76), stating that the price level is proportional to the quantity of money in the economy. Formally, it is usually stated in the equation MV = PT, where M is the quantity of money, V is its velocity of circulation, P is the price level, and T the number of transactions in the period. Milton Friedman (1912- ) made this equation the central pivot of monetarism, with the additional assumption that V is predictable; thus, for a given number of transactions, the relationship between M and P is direct. This implies that any increase in the money supply will lead to an increase in the price level, i.e. to inflation. See: |
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