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1、THEVELOCITYOFCIUC^ULATIONOFGOODS:ANEXPLANATIONInanoteentitled"TheVelocityofCirculationofGoods:AReply,"whichappoarodinthisJournalforMay,1934,A.W.Margethasraisedonepointwhich1cannotpassoverinsilence,inthisnotehehasstatedhisbohofthat1didnotreadhisarticleentitled"T
2、heDefinitionoftheConceptofa'VelocityofCirculationofGoods'"which,hohasstated,appearedinEconomicaforAugust,1933.Despitethofactthatheboiievesthat1didnot.roadhisEconomicaarticleforAugust,1933,hehasimpliedinhisnoteinnouncertaintermsthatIattemptedtocriticizethisEcono
3、micaarticle,inmynoteentitled"Velocityof(.irculationofGoods"whichapr)earedinTheQiiarterlyJournalofI'lconomicsforMay,1933.Itistnie1hadnotreadliisI'^.cononiicaarticleforAugust,1933,a.sthefactsabovemustindicate.HutneitherdidIcriticizethataxticle.Everyissuewhich1rai
4、sedinmynotew^asbaseduponhisoailierarticleinl^lconomicaanduponhisarticleintheNovembernumborofThe(QuarterlyJournalofEconomicsfor1932;.specificn-foroneesweremadototliesetwoarticlosonov<^ryissuewliichIraised.Margethasbasedhiscontentionsuponasinglestatementofniino,i
5、iamoly:"Intiie!''ebruarynumberofl^conomicafor1933Ma.rgothasmoroiycontinuedthodiscussionwliichappearedintheNovembernumborofthesamejournal."Thissolitarystatement.-vppoarstohaveplacedmoinanaltogetherunenviableposition,especiallyinviewoftliefactthatMargethastakenev
6、erycarotopointout.thatthepubli-cationofthesecondinstallmentofhisarticleinEeonomicawasdelay<'dfromFebruarytoAugust,.1933.Mystatementwasba.sodupontwofacets.First,Margot.presentedatthoendoftheEconomicaarticleforNovember,1932,asynopsisofthocontentsofthesecondinstal
7、lniont.Afteracarei'ulreadingofth(isecondinst.allniont,Iamconvincedtha.this7GSQUARTERLYJOURNALOFECONOMICSsynopsisportniyedilscontenlsacciiralely.Second,MargetlumKcifstatedonpage0ofhisarticleontheStatisticalMeasurcirtciitofthe"VelocityofCireulai'ionofGoods"inthis
8、JournalforNovember,1932,thathispaperonTheDefinitionoftheConcept,ofaVelocityofC'irculationofGoo(iscouldbefound"...publishedinEconomicaforNovember,1932,andFebruary,19;^3,...'"
