Since we are interested in the monetary part of the picture, this is what is stressed here.
It does not mean that Tooke paid no attention to the real side of the supply of goods.
Quite the contrary, the cost of production of goods relatively to gold formed the main
reason for the prices to change within Tooke's system. Yet, this is relevant for the gold
standard system only. With the flexible monetary system, this argument loses all its
significance and we are left with the question what might cause substantial change in
the circulation of monetary and real streams within the economy, government issuing
new money being the obvious culprit.