CHRISTIAN 24 : THE THEORY OF ECONOMIC DEVELOPMENT & ECONOMIC GRO... http://osunsakinadewale..com/2018/02/the-theory-of-economic-development.html

Development Theory - Year Bodin’s monetary theory of price inflation about the mid 16th century in western Europe government marked the beginning of the main theory and outlines of the quantity theory of money and the development theory. Subsequent writers confirmed and extended Bodin’s hypothesis with other well known scholars by postulation states that the value of purchasing power of money varies in exact proportion to the quantity in circulation such that M which stands for (money) is doubled, P which stands for (price) will also double while the value of the monetary unit will be halved.