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  "authorName": "J.P. Morgan",
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  "notes": "Explains the MV=PT equation and its limitations in classical economic theory.",
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      "text": "Inflation is the result of \"too much money chasing too few goods\"",
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      "text": "What determines the general level of prices in an economy, or how fast they are changing?\nThe equation of exchange: in a money using economy, the effective supply of money must equal the nominal value of transactions, or\nMV = PT\nWhere M is money supply, V is the velocity of circulation, P is the average price level and T is the number of transactions.\nIn Classical economics: M is determined by policy, V is stable (or predictably changing), T tends toward an equilibrium determined by free markets, so M drives P.\nInflation is the result of \"too much money chasing too few goods\"\nProblems: V is unpredictable, and causation can run from PT to M",
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      "text": "Theory of inflation 101",
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      "name": "Cost Of Inaction",
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