CHAPTER X. "normal" Vs. "transitional" Tendencies

"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