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The assumption of absence of an involuntary unemployment), norm of percent hardly

Whether plays them the big role in comparison with it "Economy of well-being".


Following extraction from "the political economy Beginnings" opens an essence

"The norm of percent is regulated not by a discount rate of English bank, Whether makes the last 5,4 and 3 %, and rate of return which can be

It is received at an expense of the capital and which does not depend at all on quantity

Or a value of money. Whether issues bank of the loan on 1,10 or 100 million, it all the same

Cannot change to long time norm of percent. The bank can To change only a value of money which it thus manufactures. In one Case for management any business it can be required in ten or Twenty times more money, than it could be required in other case.

Circulations to bank behind loans of money depend on comparison of rate of return,

Which can be received by means of this money, and norm of percent, on which The bank lends the money. If the bank levies smaller percent, than it Market norm there are no limits to that sum which it could thus To lend, but if this percent above market norm, unless only

It is told so clearly that gives the best basic point for Problem discussions, than the formulation of later authors, which, not

Departing, in essence, from bases of the doctrine of Rikardo, nevertheless in such degree

Are not satisfied by it that search for an exit in foggy formulations. Certainly,

The fragment resulted above should be treated, as well as always at Rikardo, in

Long-term aspect, with a special accent on words "for long time"

In the middle of the citation. We will consider the assumptions necessary that

Told in it had validity.

Such necessary assumption again appears usual classical

The precondition that always exists a full employment; so that if not to take

Changes in a curve of the offer of work (expressed in a product), exists The unique occupation level, satisfying to long-term balance.

At this assumption along with the usual clause on other equal conditions, it.

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