“Scientific treatment of the subject of currency is impossible without some form of the quantity theory … but the quantity theory by itself is inadequate, and it leads up to the method of treatment based on what I have called the consumers’ income and the consumers’ outlay – that is to say, simply the aggregates of individual incomes and individual expenditures.”

— Ralph George Hawtrey

Source: Currency and Credit (1919), p. v

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Ralph George Hawtrey11

British economist 1879–1975

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