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Keynes's General Theory, the Rate of Interest and Keynesian' Economics

This book argues that Keynesian economists have betrayed Keynes' theory and policy conclusions, and that the world has been misled about those policies. Keynesians have focused attention on policies for dealing with effects of economic failure as they arise, whereas Keynes was concerned with the cause and then the prevention of economic failure.

Recognition of this relationship opened the path to recognition of the multiple-
equilibrium nature of the economic system, re-enforced the leading role for
investment and led to the decisive rejection of the classical theory of interest.
Linking this development with the first, the release of the saving constraint on
economic activity through the existence of bank money was finally recognised to
affect not only prices in the long run – as Keynes thought up to and including the
Treatise – but ...

Pure Time-Preference Theory of Interest, The

14 15 16 17 so, he peevishly deleted this discussion from the second edition of
his Principles ofEconomics.14 Böhm-Bawerk's Capital and Interest (1884) is the
locus classicus of the time–preference theory of interest. In his first, historical
volume, he demolished all other theories, in particular the productivity theory of
interest; but five years later, in his Positive Theory of Capital (1889), Böhm-
Bawerk brought back the productivity theory in an attempt to combine it with a
time-preference ...

The Theory of Interest

This book contains a critical analysis of the main theories of interest which have been published since B÷hm-Bawerk. The last part of the book gives an account of the author's own theory.The first part, which deals with the history of doctrines, discusses the theories of B÷hm-Bawerk, Wicksell, Akerman, and Hayek, authors who proceed from the assumption of stationary state.The second group of authors consists of Walras, Irving Fisher, and F. H. Knight, who assume a progressive economy in which net saving and investment occur.The third group of authors are those who stress the monetary factor. The central figure of this part is Keynes; but other authors, among them Patinkin, are also dealt with. The theories on the term structure of interest rates are discussed in the last part of the history of doctrines. The author's own theory deals with the problem of the interest rate first in terms of partial equilibrium analysis, whereby particular attention is paid to the influence of the banking system on the structure of interest rates.In the final chapter the author proceeds to expound the interest theory in the framework of general equilibrium analysis. A mathematical appendix concludes this book.Friedrich A. Lutz (1901-1975) taught economics at Princeton University for fifteen years before becoming Professor of Economics at the University of Zurich. He was also the president of the Mont Pelerin Society from 1964-1967.

speculative cash, determines the rate of interest for any given level of income; for
instance, the interest rate MP′ for income level Y′, MP′′ for income level Y
′, and so forth. Superficially, therefore, the interest rate appears to be a purely
monetary phenomenon determined by the demand for and supply of money. To
derive this downward slope of the LL-curve from the expectations as to the future
of the interest rate and then to determine the rate of interest with the aid of this
curve ...

On the Theory of Interest

The Theory of Interest is concerned with the problem of explaining (A) why economic systems have interest rates and (B) what determines the values these interest rates assume. The purpose of this paper is to give a self-contained exposition of an approach to these questions developed mostly over the past twenty years. Making use of a simplified economy in which consumption goods are produced from labor and capital, it is shown that even in a steady state under 'normal' conditions it is necessary to have an interest rate which is strictly greater than the growth rate of the labor force if the economy is to be in equilibrium meaning that supply and demand for all goods are equal. This answers (A) above. In the final section, the author answers (B) by showing that the interest rate r gives, roughly speaking, a measure of the amount of increase in future 'consumption' obtainable for a unit sacrifice of consumption in the present. (Author).

The Theory of Interest is concerned with the problem of explaining (A) why economic systems have interest rates and (B) what determines the values these interest rates assume.

The Theory of Interest

This book contains a critical analysis of the main theories of interest which have been published since B÷hm-Bawerk. The last part of the book gives an account of the author's own theory. The first part, which deals with the history of doctrines, discusses the theories of B÷hm-Bawerk, Wicksell, Akerman, and Hayek, authors who proceed from the assumption of stationary state. The second group of authors consists of Walras, Irving Fisher, and F. H. Knight, who assume a progressive economy in which net saving and investment occur. The third group of authors are those who stress the monetary factor. The central figure of this part is Keynes; but other authors, among them Patinkin, are also dealt with. The theories on the term structure of interest rates are discussed in the last part of the history of doctrines. The author's own theory deals with the problem of the interest rate first in terms of partial equilibrium analysis, whereby particular attention is paid to the influence of the banking system on the structure of interest rates. In the final chapter the author proceeds to expound the interest theory in the framework of general equilibrium analysis. A mathematical appendix concludes this book. Friedrich A. Lutz (1901-1975) taught economics at Princeton University for fifteen years before becoming Professor of Economics at the University of Zurich. He was also the president of the Mont Pelerin Society from 1964-1967.

This book contains a critical analysis of the main theories of interest which have been published since B÷hm-Bawerk. The last part of the book gives an account of the author's own theory.

Hofmann Forest

A Narrative History of the North Carolina Forestry Foundation, 1970-2008