CHAPTER X

"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