Phrase: Pure expectation theory
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The bearing of the foregoing theory on the first of these is obvious.
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But there are also two important respects in which it is relevant to the second. II There is, however, a second, much more fundamental inference from our argument which has a bearing on the future of inequalities of wealth; namely, our theory of the rate of interest.
The justification for expectatiion moderately high rate of interest has been found hitherto in the necessity of providing a sufficient inducement to save. But https://digitales.com.au/blog/wp-content/custom/african-slaves-during-the-nineteenth-century/was-lincoln-a-republican-or-democrat.php have shown that the extent of effective saving is necessarily determined pure expectation theory the scale of investment and that the scale of investment is promoted by a low rate of interest, provided that we do not attempt to stimulate it in this way beyond the point which corresponds to full employment.
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Thus it is to our best advantage to reduce the rate of interest to that point relatively to the schedule of the marginal efficiency of capital at which there is full employment. III In some other respects the foregoing theory is moderately conservative in its implications.
For whilst it indicates the vital importance of establishing certain central controls in matters which are now left in the main to individual initiative, there are wide fields of activity which are unaffected. The State will have to exercise a expectatioh pure expectation theory on the propensity to consume partly through its scheme of taxation, partly by fixing the rate of interest, and partly, perhaps, in other ways.
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Furthermore, it seems unlikely that the influence of banking policy on the rate of interest will be sufficient by itself to determine an optimum rate of investment. I conceive, therefore, that a somewhat comprehensive socialisation of investment will prove the only means of securing an approximation to full employment; though this need not exclude all manner of compromises and of devices by which public authority will co-operate with private initiative. But beyond this no obvious case is made out for a system of State Socialism which would embrace most of the economic life of the community. It is not the ownership of the instruments of production which it is important for the State pure expectation theory continue reading.
If the State is able to determine the aggregate amount of resources devoted to augmenting the instruments and the basic rate of reward to those who own them, it will have accomplished all that is necessary. Moreover, the necessary measures of socialisation can be introduced gradually and without a break pure expectation theory the general traditions of society. IV I have mentioned in passing that the new system might be more favourable to peace than the old has been. It is worth while to repeat and emphasise that aspect.]
I — the same opinion.
You joke?
I consider, that you commit an error. Let's discuss.