It is assumed in the equation of exchange that the velocity of money is fixed or constant.
Question:
It is assumed in the equation of exchange that the velocity of money is fixed or constant.
Is this a safe assumption when applied to your own spending habits over the course of a month or a year? What would erratic and unpredictable velocity do to the usefulness of the equation of exchange?
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Step by Step Answer:
For most individuals spending patterns will vary over the course o...View the full answer
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Related Book For 
Economics Theory And Practice
ISBN: 9781118949733
11th Edition
Authors: Patrick J. Welch, Gerry F. Welch
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