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Reaction will be much more poorly expressed concerning long-term loans, than inThe relation of the short-term. And if furthermore reduction of wages in view of
The national discontent caused by it will shake political trust, The satisfaction increased thereof liquidity preferences can To absorb more than the sum of the cash liberated from the circulation.
6. As selective reduction of monetary wages gives always Advantage to any separate businessman or any Individual industry, also general reduction (though actually Its consequences absolutely others) the optimistic mood too can cause Among businessmen, helping that to break off a vicious circle
Superficially pessimistic estimations of a marginal efficiency of the capital and
Supplying return to more normal assumptions on the future. With other The parties if hired workers as it is erroneous, as well as their employers, Regard consequences of general reduction of wages, excitement Among them can bring to nothing action of this advantage factor. As besides it, as a rule, there is no such means, which Would supply simultaneous and uniform reduction monetary wage Payments in all branches, in interests of each group of hired workers To counteract its reduction in an own special case. In Real life of attempt of businessmen to lower monetary wages By revision of agreements with hired workers will cause much more Strong resistance, rather than gradual and automatic decrease in the real Wages as a result of a rise in prices.
7. On the other hand, oppressive impression which will make on Businessmen the increased burden of their debts, can partially neutralise The optimistic reaction caused by reduction of wages. Really, if falling of wages and the prices comes far, Businessmen who are especially burdened by debts, can very fast
To appear on the verge of bankruptcy, and it will extremely negatively affect on
Investments. Besides, the fall in prices will increase real burden Public debt, and consequently, and taxation that also, Possibly, it will appear rather adverse for a reliance condition in Corporate world.
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