The quantity theory and the wwages fund

The quantity theory of money and the wages found theory of wages are both fruits of one and the same mechanistic, myopic, and illogical method of reasoning which has repeatedly vitiated the development of economic theory. A concept such as "the wages fund" or "the volume of money in circulation" is a convenient handle by means of which an economic problem may be grasped and held while it is being ivestigated; but these two theories (and others similar to them, e.g., the demand and supply theory of value>) end where a valid investigation should beign: i.e. with the analysis of the relatioshis amogn a pre-arraned set of concepts. They do not undertake the analysis of the unerlying set of actual phenomena.