How is Keynesian Quantity Theory of Money superior to traditional one?

How is Keynesian Quantity Theory of Money superior to traditional one? 

Ans. The Keynesian thesis of money and prices is better-quality to the traditional volume thesis of money for the following grounds. Keynes’ reformulated volume thesis of money is considered to be better to the traditional approach, in that he cast-offs the previous outlook that the association amidst volume of money and prices is straight and comparative. In its place he institutes an oblique and non-comparative association amidst volume of money and prices. In instituting such association, Keynes brought about a transition from a pure monetary thesis of prices to a monetary thesis of productivity and employment. As doing so, he incorporates monetary thesis with value thesis, with the thesis of productivity and employment through the rate of interest. Actually, the incorporation amidst monetary thesis and value thesis is performed through the thesis of productivity in which the rate of interest performs the decisive function. The Keynesian thesis is thus, superior to the traditional volume thesis of money for the reason that it does not keep the real and monetary segments to the fiscal system into two diverse cubicles with “no doors or windows amidst the thesis of value and the thesis of money and prices.” Yet again the traditional volume thesis depends on the non-factual hypothesis of full employment of resources. Under this hypothesis a given augment in the volume of money always tends to a rational augment in the price level. Keynes on the other hand, assumes that full employment is an exemption. Hence, as long as there is redundancy, productivity and employment will vary in the same ration as the volume of money, however there will be no variation in prices. When there is full employment, prices will vary in the same ration as the volume of money. Thus the Keynesian scrutiny is supreme to the traditional examination for the reason that it examines the association amidst volume of money and prices both under redundancy and full employment stipulations. Also, the Keynesian thesis is supreme to the traditional volume thesis of money in that it highlights vital strategy insinuations. The traditional thesis assumes that every augment in the volume of money tends to inflation. Keynes on the other hand, institutes, that so long as there in redundancy, the rise in prices is gradual and there is no danger of inflation. It is only when the fiscal system reaches the level of full employment that the rise on prices is inflationary with every hike in the volume of money. thus “this approach has the virtue of highlighting that the objectives of full employment and price stability may be intrinsically incompatible.”