History
The equation of exchange was stated by John Stuart Mill who expanded on the ideas of David Hume. The algebraic formulation comes from Irving Fisher, 1911.
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“The history of American politics is littered with bodies of people who took so pure a position that they had no clout at all.”
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“The foregoing generations beheld God and nature face to face; we, through their eyes. Why should not we also enjoy an original relation to the universe? Why should not we have a poetry and philosophy of insight and not of tradition, and a religion by revelation to us, and not the history of theirs?”
—Ralph Waldo Emerson (1803–1882)
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