tailieunhanh - THE PANIC OF 1819 Reactions and Policies phần 7

Trong thời trang Ricardo, ông tuyên bố rằng giá trị của tiền và mức lãi phụ thuộc vào nguyên tắc khác nhau. Trước đây được xác định bởi tỷ lệ giữa sau phụ thuộc vào lợi nhuận thực tế hoặc phải "vốn" phương tiện lưu thông và lượng tử của các trao đổi. ", | NATIONAL MONETARY EXPANSION 117 holding into bonds. But this argument assumed that the rate of interest necessarily depends on the quantity and value of money in circulation. This asserted Ritchie was clearly incorrect. In Ricardian fashion he declared that the value of money and the rate of interest depended on different principles. The former was determined by the proportion between the circulating medium and the quantum of exchanges. The latter depended on the real or supposed profit of capital the profit of capital depends on the proportion between the quantity of capital and the demand for its profitable enjoyment. A fourfold increase in the money supply said Ritchie would raise prices by four and reduce the value of money by one-fourth but it would not affect the rate of interest. The amount of interest and the amount of principal on any transaction might increase fourfold but this need not change the rate. To the contention that the rate of interest depended upon and moved inversely to the quantity of money in circulation Ritchie thus countered with a real theory of interest and movements in the quantity of money affecting only prices if they affected all prices equally then it was clear that a ratio such as the rate of interest would not be altered. He deduced therefore that it was possib le to have excessive currency in circulation without an increase in the profits of capital and hence without effecting a change in the rate of interest. On the other hand the supply of currency might be deficient while the interest rate was low because a poor prospect for profit had diminished the demand for capital. Ritchie concluded that interest need not be low when money was excessive in fact it was possible for excessive currency and boom conditions to be accompanied by a quickening of the spirit of enterprise and an increase in the prospects for profit. In that case the bonds would be converted into currency to be employed in active enterprises. Thus Crawford s .