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Development of the Quantity Theory of Money

Author

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  • Jan Greitens

    (Johann Wolfgang Goethe-Universität)

Abstract

This chapter traces the emergence of the Quantity Theory of Money during the Price Revolution, distinguishing between metallistic and nominalistic versions. It contrasts Jean Bodin’s explanation of rising prices through increased precious metal supply with Bernardo Davanzati’s more abstract, quasi-nominalist formulation based on the relationship between money and goods. This chapter highlights the transition from commodity-based explanations to a more systematic understanding of money as a determinant of price levels. It also identifies limitations of early Quantity Theories, including unclear causality and neglect of velocity and demand.

Suggested Citation

  • Jan Greitens, 2026. "Development of the Quantity Theory of Money," Springer Studies in the History of Economic Thought,, Springer.
    • Handle: RePEc:spr:spshcp:978-3-032-24113-9_8
    DOI: 10.1007/978-3-032-24113-9_8
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