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Under the credit. Important it and in case of self-liquidating loans (for example, bank

Loans), costs on which are great. The bank can levy from the clients from 1,5-2 % even if the pure norm of percent for the lender is equal to zero.


Pre-empting ideas which concern to it. 21, it would be interesting already on

To the given stage shortly to show, in what relation is told above with

Quantitative monetary theory. In a little varying company or in company, where

For any other reason for anybody there is no uncertainty

Concerning the future norms of percent, function of liquidity L2, or propensity to

To hoarding (as we can name it), always is able Balance it is equal to zero. From here at balance M2=0 and M=M1, so that any M change will actuate norm of percent while the income will not reach Level, at which change M1 to equally assumed change of M.Dalee,

M1itV=Y, where V there is a velocity of money in relation to the income, as it

Has been defined above, and Y there is an aggregate income. Then, if practically

Probably to measure quantity About and price it of the flow output, we have Y = it and,

Hence, MV = it. It also is a quantitative monetary theory in it To the traditional form (100).

The big defect of the quantitative theory from the point of view of its application to

To the real world consists that it does not differentiate change of the prices,

Being function of changes of output, and change of the prices, which Act as function of changes of unit of wages (101). An explanation

This blank, probably, it is necessary to search in preconditions that does not exist

Any propensity to thesaurisation also that the full employment always takes place.

Really, under such circumstances About is a constant, and M2

To equally zero, whence follows that if to accept V also for size a constant,

That both wages unit, and a price level will be directly proportional To quantity of money.


Some remarks on the capital nature


The certificate of individual savings means, if it is possible so to be expressed,

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