"NORMAL" VS. "TRANSITIONAL" TENDENCIES
Quantity theory qualified by distinction between "normal" and
"transitional" effects of change in quantity of money, etc. 186
Meaning of distinction, and extent of qualification hard
to determine: is "normal period" real period in time?
How long is "transitional period"? Is it realistic, or
hypothetical? Is equation of exchange realistic?
Concrete _vs._ hypothetical price-levels 186-189
Legitimate and illegitimate abstraction 189-190
Causation and temporal order 190-191
Fisher admits very slight qualification of "normal theory" 192
Mill's quantity theory "short run" theory; Taussig's "long
run" theory; radically different logic in the two 192-193
Fisher's theory sometimes "long run" and sometimes "short
run" 194-195