Note 20 — Chapter III · THE THEORY OF MONEY AND OF THE FOREIGN EXCHANGES
Reading edition
“The Quantity Theory is often defended and opposed as though it were a definite set of propositions that must be either true or false. But in fact the formulæ employed in the exposition of that theory are merely devices for enabling us to bring together in an orderly way the principal causes by which the value of money is determined” (Pigou).