[Apologies, I initially published two posts out of order.]
I’m working on turning my blog into a book, and in order to do that I need to give readers an idea of how I ended up where I am today. One obvious need is to explain how I adopted a quantity theoretic approach to monetary analysis, rather than some alternative like the interest rate approach. For me it all goes back to the Great Inflation of the 1960s to the early 1980s.
As an aside, the quantity theory can be defined in several ways:
1. An X% rise in M will be associated with an X% rise in P