The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Price Level

  • P. Bridel
Reference work entry


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.

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Authors and Affiliations

  • P. Bridel
    • 1
  1. 1.