| مستخلص: |
The liquidity preference and loanable funds theories of the interest rate, on which controversy first flared during the later 1930s following the publication of Keynes' General Theory, continue to draw comments. Although there has been much agreement cerning their dynamic aspects has not yet been completely settled. In his recent lecture notes, H. G. Johnson perpetuated it by saying "The two approaches give different dynamic predictions" [7, p. 14]. However, in the writer's opinion, the controversy has arisen largely from different interpretations of the two theories, together with a misapplication of Walras' Law. If properly defined, the two theories should be really equivalent. The only difference would be one of flow versus stock, an analogue to that between the Fisher equation of exchange and the Cambridge equation of cash balance. In this article, an attempt is made to clarify the matter, and to show the equivalence of the two theories in both static and dynamic analyses. [ABSTRACT FROM AUTHOR] |
