... Non-Monetary Cause of Fluctuations in Employment’, The Economic Journal, 1914. 266 the years of high theory: i the interest rate, i, which is taken as an indicator of the cost of finance. The problem ... 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 ... 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...