This chapter responds to criticisms by (Blaug, M. (1995). Why is the quantity theory the oldest surviving theory in … economics? In M. Blaug (Ed.), The quantity theory of money: From Locke to Keynes and Friedman. Edward Elgar.) and (O’Brien, D …. Blaug (Ed.), The quantity theory of money: From Locke to Keynes and Friedman. Edward Elgar.) of the distinction drawn in …

A statement of problem -- The theory of the demand for money -- A theory of the supply of money -- The quantity theory … function of real debt -- Monetary risk and the social function of money debt -- The quantity theory in a risky world …

idea can neither explain the purchasing power of money nor its variations over time, and a new theory is therefore … original macro-theoretical investigation of measurement problems in price index theory. Despite its elective affinity with the …