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Price of Commodity and Value of Money
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Chapter 6: Price of a Commodity and the Value of Money 
6.1 Introduction 
 In this chapter we will study about price level and the value of money. Section 6.2 studies 
about commodity and money. In section 6.3, different version of quantity theory of money 
from Irving fisher’s transaction approach to Keynes’ formulation of quantity theory of money 
has been discussed. Income theory of money approach and Liquidity theory of money has 
been studied in section 6.4 and 6.5 respectively. Classical economists maintained dichotomy 
between monetary sector and real sector. This dichotomy has been rejected by Don Patinkin 
by integrating between monetary theory and value theory through real balance effect theory. 
Don Patinkin’s the real balance effect theory has been discussed in the last section 6.6.