CHAPTER XVIII

THE QUANTITY THEORY AND "WORLD PRICES"

Types of quantity theory: world's volume of _gold vs._ quantity of _money_ in given country; standard _vs._ token money; abandonment of dodo-bone theory and "equation of exchange" 324-326

Credit does not rest on money: measure of values _vs._ reserves; loans and wealth; value of money _vs._ price-level 326-328

Loose relation of reserves and credit in world as whole; no proportionality of quantity of gold to value of gold; no quantity theory needed to assert that value of gold related to its quantity 328-330