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Liquidity Trap or Credit Deadlock
In earlier posts in my series about Hawtrey and Keynes, I’ve mentioned the close connection between Hawtrey’s concept of a “credit deadlock” and the better-known Keynesian concept of a “liquidity...
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Hawtrey v. Keynes on the General Theory and the Rate of Interest
Almost a year ago, I wrote a post briefly discussing Hawtrey’s 1936 review of the General Theory, originally circulated as a memorandum to Hawtrey’s Treasury colleagues, but included a year later in a...
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Thinking about Interest and Irving Fisher
In two recent posts I have discussed Keynes’s theory of interest and the natural rate of interest. My goal in both posts was not to give my own view of the correct way to think about what determines...
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Keynes on the Theory of the Rate of Interest
I have been writing recently about Keynes and his theory of the rate of interest (here, here, here, and here). Perhaps unjustly – but perhaps not — I attribute to him a theory in which the rate of...
View ArticleIrving Fisher Demolishes the Loanable-Funds Theory of Interest
In some recent posts (here, here and here) I have discussed the inappropriate application of partial-equilibrium analysis (aka supply-demand analysis) when the conditions under which the ceteris...
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