Abstract
Until the end of the 19th century, it may be said that the quantity theory was everybody’s theory of money and the price level. This does not mean that it was universally accepted: many writers submitted Hume’s formulation to some very sharp criticisms. However, short of any viable alternative, all the leading economists adhered to one or another of the marginally different versions of the quantity theory.
This chapter was originally published in The New Palgrave: A Dictionary of Economics, 1st edition, 1987. Edited by John Eatwell, Murray Milgate and Peter Newman
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Bridel, P. (1987). Price Level. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95121-5_1507-1
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DOI: https://doi.org/10.1057/978-1-349-95121-5_1507-1
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