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Velocity Concepts and Prices

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  • Raymond H. Lounsbury

Abstract

I. Introduction. Three concepts of velocity defined. — Various senses in which the term price level is used, 36. — II. Turnover of Media. Use of the turnover concept by Irving Fisher, J. M. Keynes, and R. G. Hawtrey, 37. — The neutralization of changes in turnover of media by changes in turnover of commodities, services, and securities, 44. — Support for this a priori contention found in the statistical studies of Carl Snyder, 48. — III. The Balance Concept of Velocity. Use of the concept by Irving Fisher, J. M. Keynes, and R. G. Hawtrey, 52. — Objections to the use of the concept, 55. — IV. The Expenditure Ratio. The relative merits of the expenditure ratio concept and the balance concept, 59. — The probability of the practical occurrence of changes in the expenditure ratio, 61. — Antithetical movements of consumers' and the business expenditure ratio, 63. — Exact neutralization of changes in expenditure ratios by changes in the other factors of the equation possible but improbable, 65.

Suggested Citation

  • Raymond H. Lounsbury, 1931. "Velocity Concepts and Prices," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 46(1), pages 34-67.
    • Handle: RePEc:oup:qjecon:v:46:y:1931:i:1:p:34-67.
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    File URL: http://hdl.handle.net/10.2307/1883921
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    Cited by:

    1. Jacky Mallett & Charles Keen, 2012. "Does GDP measure growth in the economy or simply growth in the money supply?," Papers 1208.0642, arXiv.org.
    2. Veetil, Vipin P. & Wagner, Richard E., 2018. "Nominal GDP stabilization: Chasing a mirage," The Quarterly Review of Economics and Finance, Elsevier, vol. 67(C), pages 227-236.

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