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Tersedia di Pustaka Kubang Putih - UIN Sjech M. Djamil Djambek Bukittinggi
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If X is in this position, then the M line simply runs through o, and "rotates" about
that fulcrum as the interest rate changes. Equilibrium for X in this event might be
illustrated in figure 1 by a movement up Mil to Q". In this event the market would
not be in equilibrium, and the interest rate would have to drop below the level
indicated by M. 5. An Objective or a Subjective Theory of Interest? As indicated
above, Fisher's theory determines the equilibrium rate of interest by finding that
rate which ...
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 ...
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.
