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The prices of the consumer blessings to the price of the capital goods favorably forInvestments.
Such way establishes connection between increase of savings, Carried out by separate persons, and increase of cumulative investments.
It is conventional that increase of individual savings will cause fall in prices
The consumer blessings and, quite probably, it their falling, than fall in prices
The capital goods. Hence, for the reasons stated above fall Norms of percent promotes investment. But after all it is obvious that fall Marginal efficiency of separate kinds of capital assets, so,
Shift downwards a drawing of a marginal efficiency of the capital as a whole render
Effect, opposite to volume which has been accepted in the above-stated
Reasonings. Investments are stimulated or increase of the schedule of the limiting
Efficiency, or fall of norm of percent. Having mixed the limiting Efficiency of capital with norm of percent, prof. Mizes and its followers Have come to the conclusions, arguing antithetically. A vivid example Similar mixture of these two directions shows the following fragment from Books of prof. Elvina Hanssen: "Some economists had been expressed opinion, As if an end result of fall of costs is lower level
The prices of the consumer blessings in comparison with what it would be in other
Case, also that thereof stimulus to investment in the Fixed capital Would decrease. However such sight is wrong and is based on the erroneous Interpretation of effects which render on capital formation, First, increase or drop in prices of the consumer blessings and, secondly, Change of norm of percent. It is fair that as a result of reduction of costs And increases in savings consumer costs would go down in comparison with The prices for the capital goods. But it would mean actually more Low norm of percent, and lower norm of percent stimulates inflow Investments in those spheres where at higher percent they would be Are unprofitable "(98).
CHAPTER 15
Psychological and business motives of a liquidity preference
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