"Scientific treatment of the subject of currency is impossible without some form of the quantity theory … but the quantity theory by itself is inadequate, and it leads up to the method of treatment based on what I have called the consumers’ income and the consumers’ outlay – that is to say, simply the aggregates of individual incomes and individual expenditures."
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Ralph George Hawtrey
Sir Ralph George Hawtrey (22 November 1879 – 21 March 1975) was a British economist, and a close friend of John Maynard Keynes. He was a member of the , the University of Cambridge intellectual secret society.
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