By Pascal Bridel
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Extra resources for Cambridge Monetary Thought: Development of Saving-Investment Analysis from Marshall to Keynes
Any divergence between decisions to invest and fullemployment saving will be met by a decrease in the rate of interest to bring about an increase in the volume of investment equal to the gap between the supply and the demand for 'free' capital. Hence, allowance being made for frictions, temporary disequilibrium and rigidities linked with credit or trade-cycle theories, the system will always tend towards an equilibrium, or 'natural', or 'normal' or 'real' rate of interest at which decisions to invest are equal to full-employment saving.
E. the system of relative prices is no longer homogeneous of degree zero in money-prices). Patinkin puts in a more modern terminology this very idea expressed by Cantillon more than two centuries ago: In general, the new equilibrium position in this case [nonproportional increase of initial money-holdings] will involve higher relative prices for those goods favoured by individuals whose money holdings have more than doubled and lower relative prices for those goods favoured by individuals whose holdings have less than doubled.
1926, p. 21) Unfortunately while admitting the 'overwhelming importance' of what Keynes later called 'the mode by which through transitional stages an influx of new money affects prices' (1911, p. 394), Marshall did very little to improve the very poor stability analysis3 he suggested 25 26 Cambridge Monetary Thought in his 1888 and 1899 evidence. As a matter of fact, thirty-six years after the statement just quoted, Marshall did nothing more in Money, Credit and Commerce than to repeat the same argument, his original claim for an improved stability analysis having remained wishful thinking: 'if everything else remains the same, then there is this direct relation between the volume of currency and the level of prices'.
Cambridge Monetary Thought: Development of Saving-Investment Analysis from Marshall to Keynes by Pascal Bridel