... 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 ... way of thinking.7.1.5. The multiplier and the accelerator The fourth great stream of thought in dynamic theory in the inter-war periodwas the study of the interaction between the multiplier and ... 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...