... and 1935 (see Laidler, 1998, this issue, pp. 4‐16). Tavlas now concedes this point, but goes on to say that “…he used the quantity theory to formulate his underconsumptionist views. Above all he was a quantity theorist” (1998, this issue, pp. 19). A division between underconsumptionism and the quantity...

..., however great the stagnation of business and the reluctance of borrowers may be (1932, pp. 173‐4). It is even more instructive to contrast Douglas’s interpretation of the particular events of 1932, with that offered by Lauchlin Currie in (1934b). Underconsumptionism went into temporary eclipse...