... circulation, P the level of prices, and T the level of transactions, becomes an explanation of the value of money once V, T, and M have been fixed exogenously. The dif-ficulties and the interesting ... elasticity of the credit supply and high flexibility of prices and wages.7 .2. 2. How Keynes became KeynesianIn regard to the two fundamental problems of English economic policy of the 1 920 s and the ... among the firms of the sector.Thus, given the degree of monopoly of the various firms, their cost curves,and their relative contributions to the output of the industry, the averageprofit margin of...