This, expressed in a very general way, is my theory of the rate of interest.WCEG — The Equitablog
John Maynard Keynes Getting One Very Right: There Is No Medium-Run Full-Employment Sheet-Anchor for the Economy
Brad DeLong
Friday, November 6, 2015
Brad DeLong — John Maynard Keynes Getting One Very Right: There Is No Medium-Run Full-Employment Sheet-Anchor for the Economy
John Maynard Keynes Getting One Very Right: There Is No Medium-Run Full-Employment Sheet-Anchor for the Economy
Brad DeLong
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It's an interesting description by Keynes, but I see nothing in there about money being produced. It feels very much like there is q fixed amount of money in that description.
ISTM that there is a further interaction via the bank lending cycle and it is the desire to hold uninsured bank liabilities and equity that determines the interest rate on lending.
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