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In the Tract on Monetary Reform (1923),[18] Keynes fostered his own amount condition: n = p(k + rk'), where n is the quantity of
In the Tract on Monetary Reform (1923),[18] Keynes fostered his own amount condition: n = p(k + rk'), where n is the quantity of "money notes or different types of money available for use with the general population", p is "the file number of the average cost for basic items", and r is "the extent of the bank's likely liabilities (k') held as money." Keynes likewise accepts "...the public,(k') including the business world, finds it helpful to keep what might be compared to k utilization in real money and of a further accessible k' at their banks against cheques..." So lengthy as k, k', and r don't change, changes in n cause corresponding changes in p.[19] Keynes anyway notes...
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