THE "EQUATION OF EXCHANGE"
Fisher leading, most consistent, most uncompromising
quantity theorist: wide acceptance of his views 154
Taussig _vs._ Fisher 155
Fisher and dodo-bone doctrine: logical part of quantity
theory; Fisher's value concept 155-156
"Equation of exchange": analysis of Fisher's version,
typical of all 156-171
In what sense equality between two sides of equation?
Meaning of "T" 158-161
No "goods side" to equation; both sides sums of money;
equal because identical; equation meaningless 161-162
All factors in equation highly abstract 162-163
"P" and "T" cannot both be given independent definitions:
P defined as _weighted_ average, with T in denominator;
and must be changed from year to year, as elements in T
change, even though no prices change 164-166
This makes circular theory: _problem_ defined in terms of
_explanation_ 165-166
Causal theory associated with equation of exchange 166
Equation amplified to include credit; not acceptable to
Nicholson or Walker, and caricature of conditions in
Germany and France 166-170
Book-credit, bills of exchange, etc., excluded 167-170
Why a one-year period? 170-171