"How can I know what I think until I read what I write?" – Henry James


There are a few lone voices willing to utter heresy. I am an avid follower of Ilusion Monetaria, a blog by ex-Bank of Spain economist (and monetarist) Miguel Navascues here.
Dr Navascues calls a spade a spade. He exhorts Spain to break free of EMU oppression immediately. (Ambrose Evans-Pritchard)

sábado, 4 de abril de 2015

El tipo de interés keynesiano

El ahorro es idéntico a la inversión de un período porque si la inversión se ha realizado, es porque se han encontrado fondos (ahorro) para financiarla.

Whatever the level of investment, funds are always available to pay for it. (Reprinted in Kahn 1972, p. 101)
Keynes (lectures notes, 1033. Geoff Tilly :

The ordinary theory of interest is the one which I was brought up on, and I think I taught it once, a certain number of years ago, but it doesn’t hold one drop of water. It is the idea that the rate of interest is determined by the point of intersection of two supply and demand curves, that of Saving and that of Investment . . . But we have just seen that these curves run parallel, or rather are coincident, because Investment and Saving are merely two names for the same thing. You cannot find were a point lies merely by having two names for it. The curves rise and fall together, not in opposite directions. (Rymes, 1989, pp. 121–2)

(Tilly: From the broadest theoretical perspective, these and other lecture notes show that by the end of 1933 Keynes had in place the beginnings of the MPC, a theory of investment demand and the liquidity preference theory of interest. It must be emphasised that the lack of published correspondence means that there is basically no public record of what Keynes saw as the implications of each of these discoveries as he made them.)

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