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The quantity theory of money (often abbreviated QTM) is a hypothesis within monetary economics which states that the general price level of goods and services is directly proportional to the amount of money in circulation (i.e., the money supply), and that the causality runs from money to prices. This implies that the theory potentially ...
Wiesner's quantum money scheme was first published in 1983. [1] A formal proof of security, using techniques from semidefinite programming, was given in 2013. [2]In addition to a unique serial number on each bank note (these notes are actually more like cheques, since a verification step with the bank is required for each transaction), there is a series of isolated two-state quantum systems. [3]
Quantum finance is an interdisciplinary research field, applying theories and methods developed by quantum physicists and economists in order to solve problems in finance. It is a branch of econophysics. Quantum computing is now being used for a number of financial applications, including fraud detection, stock price prediction, portfolio ...
According to the quantity theory of money, inflation is caused by movements in the supply of money and hence can be controlled by the central bank if the bank controls the money supply. The theory builds upon Irving Fisher 's equation of exchange from 1911: [ 50 ]
In monetary economics, the equation of exchange is the relation: = where, for a given period, is the total money supply in circulation on average in an economy. is the velocity of money, that is the average frequency with which a unit of money is spent.
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The word quantum comes from the Latin word for "how much" (as does quantity). Something that is quantized, as the energy of Planck's harmonic oscillators, can only take specific values. For example, in most countries, money is effectively quantized, with the quantum of money being the lowest-value coin in circulation. Mechanics is the branch of ...
The Cambridge equation first appeared in print in 1917 in Pigou's "Value of Money". [2] Keynes contributed to the theory with his 1923 A Tract on Monetary Reform.. The Cambridge version of the quantity theory led to both Keynes's attack on the quantity theory and the Monetarist revival of the theory. [3]