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 "course": "man-economy-and-state-with-power-and-market",
 "title": "11.03. Changes in the Money Relation",
 "speaker": "Murray N. Rothbard",
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 "text": "3. Changes in the Money Relation The purchasing power of money is determined by two factors, the total demand schedule for money to hold and the stock of money in existence. If the stock of money is decreased, there will be an excess of demand for money at the existing PPM and the PPM will rise until the The New Equilibrium Point is reached. The absurdity of classifying monetary theories into mutually exclusive divisions, such as Supply and Demand Theory, Quantity Theory, Cash Balance Theory, Commodity Theory, Income and Expenditure Theory, should now be evident. For all these elements are found in this analysis. Money is a commodity. Its supply or quantity is important in determining its exchange value. Demand for money for the cash balance is also important for this purpose, and the analysis This can be applied to income and expenditure situations.",
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   "text": "and Expenditure Theory, should now be evident.",
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