CHAPTER XVII

THE QUANTITY THEORY vs. GRESHAM'S LAW 321-323

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