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Richard Duncan

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Richard Duncan is an American economist creator of the "Quantity Theory of Credit", as opposed to the more commonly accepted "Quantity Theory of Money" (QTM).[1]

He authored the following books:[2][3][4]

  • The Dollar Crisis: Causes, Consequences, Cures, published 2003.
  • The Corruption Of Capitalism: A strategy to rebalance the global economy and restore sustainable growth, published 2009.
  • The New Depression: The Breakdown Of The Paper Money Economy, published 2012.

Quantity Theory of Credit

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Duncan outlines his Quantity Theory of Credit adapting Irving Fisher’s equation relating money supply and prices. Instead of MV=PT (the money supply times the velocity of circulation equals the price level times the number of transactions), he suggests CV=PT. The C stands for the total credit in the economy, while V is the turnover of credit. Thus according to Duncan, "more credit, extended more often, means higher asset prices".[1]

References

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  1. ^ a b "Duncan dough notes". The Economist. ISSN 0013-0613. Retrieved 2020-09-27.
  2. ^ "Richard Duncan". The Globalist. Retrieved 2020-09-27.
  3. ^ "Richard Duncan: It's Too Late To Turn Back Now... So Borrow More!". McAlvany Weekly Commentary. 2020-08-12. Retrieved 2020-09-27.
  4. ^ "Richard Duncan". Financial Sense. Retrieved 2020-09-27.