We had divided the demand for money during a period of time according to the method used to satisfy that demand: sale of goods, sale of securities, and keeping money already held. Obviously the first two constituents involve flow-analysis in the usual sense money, goods, and securities must change hands during the period to satisfy the demand for money. Nor is it the intention of the demanders to

William J. Fellner, Harold M. Somers, Interest Theory--Supply and Demand for Loans or Supply and Demand for Cash: Comment on Dr. Lerner's Note, The Review of Economics and Statistics, Vol. 26, No. 2 (May, 1944), p. 92