KEYNES’S GENERAL THEORY, THE RATE OF INTEREST AND ‘KEYNESIAN’ ECONOMICS

We might play with the idea that the inability of the interest rate to fall has brought down empires. _ _ _ Thus, it is of overwhelming importance that the optimum interest rate be determined by institutions and banking practice. And the bad effect of saving must be recognised. All past teaching has (if my view here given is correct) been either irrelevant, or else positively injurious. We have not only failed to understand the economic order under which we live, but we have misunderstood it to the extent of adopting practices which operate most harshly to our detriment, so that we are tempted to cure ills arising out of our misunderstanding by resort to further destruction in the form of revolution.

357 pàg

Peso: 1 mb

Idioma:

Autor: Geoff Tìly