Abstract: A novel, low-friction, low-inertia flexible diaphragm containing a magnet formed as an integral part of the diaphragm is mounted in a chamber (preferably cylindrical). The chamber comprises part of the flow meter in a flow control system. One or more sensing devices are mounted on the walls of the chamber to sense the instantaneous position of the diaphragm. A novel electronic control circuit processes the data from the one or more sensing devices to provide measures of the flow rate during the displacement of the diaphragm along the cylinder. Signals are generated by the electronic control circuitry for switching a pair of three-way valves (one valve comprising the input valve and the other valve comprising the output valve) such that during one-half of a cycle the intput valve transfers fluid into the cylinder on one side of the diaphragm and, during the other half of the cycle, transfers fluid into the cylinder on the other side of the diaphragm.