ABSTRACT

The theory of emissions introduces a new dimension that is needed to position the problem of inflation. It is true in any theory that the link from mass to mass, between money and product, can only be grasped at the very moment it is formed; it is also certain that this link only exists during the time of exchange, i.e. within the limits of an instant. Since the quantitative theory is unable to grasp the interaction between money and product, except in actual exchanges, the links that might be influenced by expectations have strictly no consistency. The quantitative theory of money is unable to conceive inflation; it can only receive its description passively, as given in the evolution of an index, the price of a goods basket. The quantum theory of money grasps inflation, which is now a concept and no longer a gross fact.