Handwave

The leader, an upright, broad-shouldered old man, with snow-white hair, half halts his horse with a handwave of salutation, as he reaches the Imperial Crown Prince, then gallops on with the latter hanging close on his flank.

"[…]In fact I tell this mob"— he gave a derogatory handwave in the direction of the ten or twelve pairs of eyes that were still intent on us—"that I was the original of these Pappa-whatsits." "Papparazzi."

In this glib handwave by Friedman, the real results are determined independently of money and financing phenomena; given the way monetarists set up the analysis, the rate of growth of money can only affect the behavior of the price level.

Some readers may wish to handwave this restriction away, thinking of #92;tfrac#123;#92;partial#125;#123;#92;partial#92;rho#125; as a differentiable vector field on #92;mathbb#123;R#125;² that behaves badly at the origin; this approach will suffice for the purposes of this book.