CHAPTER XII

VELOCITY OF CIRCULATION

Velocity conceived by quantity theory as causal entity, independent of quantity of money and prices; necessary assumption for law of proportionality 203

"Coin-transfer" _vs._ "person-turnover" concepts 203-204

Velocity really non-essential by-product, meaningless average 204-205

Doctrine that velocity independent of money; habit and convenience; hoarding; hoarding by banks 205-209

Velocity and volume of trade; vary together 209-214

Value of money causally governs velocity 214-215