1 The early classical economists thought that the velocity of money was constant and that real output...

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1 The early classical economists thought that the velocity of money was constant and that real output was independent of monetary factors. Therefore, an increase in the stock of money meant proportional increases in prices.

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Essentials Of Economics

ISBN: 396414

2nd Edition

Authors: James D Gwartney; Richard Stroup; J R Clark

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Question Posted: Oct 25, 2024 10:05 AM

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1. The early classical economists thought that the velocity of money was constant and that real output was independent of monetary factors. Therefore, an increase in the stock of money meant...
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