Meaning of distinction, and extent of qualification hard to determine: is "normal period" real period in time? How long is "transitional period"? Is it realistic, or hypothetical? Is equation of exchange realistic? Concrete _vs._ hypothetical price-levels 186-189 Legitimate and illegitimate abstraction 189-190 Causation and temporal order 190-191 Fisher admits very slight qualification of "normal theory" 192 Mill's quantity theory "short run" theory; Taussig's "long run" theory; radically different logic in the two 192-193 Fisher's theory sometimes "long run" and sometimes "short run" 194-195 CHAPTER XI BARTER Quantity theory spoiled if resort to barter possible and important 196 Extent of barter and other flexible substitutes for money and bank-credit; simple barter; different methods of corporate consolidations; flexibility, with state of money-market; clearing-house arrangements in speculative exchanges; offsetting book-credits 197-200 Barter made easier under money economy, by measure of value function of money 201 Bills of exchange; foreign trade 201 CHAPTER XII VELOCITY OF CIRCULATION Velocity conceived by quantity theory as causal entity, independent of quantity of money and prices; necessary assumption for law of proportionality 203 "Coin-transfer" _vs._ "person-turnover" concepts 203-204 Velocity really non-essential by-product, meaningless average 204-205 Doctrine that velocity independent of money; habit and convenience; hoarding; hoarding by banks 205-209 Velocity and volume of trade; vary together 209-214 Value of money causally governs velocity 214-215 CHAPTER XIII. THE VOLUME OF MONEY AND THE VOLUME OF TRADE--TRADE AND SPECULATION Quantity theory doctrine that volume of trade, and volume of money (and credit), are independent; trade governed by physical and technical conditions, not money 216-219 View that quantity of money vitally affects production and trade 219 Walker, Sombart, Withers, Price, Holt 219-222 Increase of money increases trade, even on static theory: increase of money increase of capital; lowered margin in exchanges; money-rates and interest; money tool of exchange; elasticity of demand for money-service; in Arizona and New York City 222-225