NATURE OF CURRENCY AS VISCOUS, NON-UNIFORM, AND SEPARABLE STREAM

Observing streams of liquid materials, physicists ignore neither their non-uniformity nor changes of velocity in them. Otherwise the study of fluid dynamics could not be given birth to. In contrast social scientists have rarely paid attentions to incoherent aspects in actual monetary flows. In their studying money they appear to suppose that, with no friction or no loss of energy, an ideal fluid can be in circulation uniformly and eternally. 1 That is why few of them cast a doubt to fundamental assumptions such as the velocity held constant and uniform in the quantity theory of money, MV=PT. Thus economists in the main stream have no hesitation to sum up the amount of various monies in order to measure a total liquidity. Even if they admit heterogeneousness in actual circulation of currencies, the diversities have been left outside their fields and rarely considered seriously. However, a variety of characteristic performances by currencies in history should not allow students, whose loyalty is devoted not to presumption but to reality, to accept such a rough integration. The problem is that the realities were too complicated to easily answer what made currencies diverse. The difficulty to understand did not lie in the presence of plural monies but, actually, did i