{"title":"战时的碎片1","authors":"J. Toporowski","doi":"10.1093/oso/9780198816232.003.0003","DOIUrl":null,"url":null,"abstract":"While working in Cambridge and Oxford, Kalecki took issue with the Neo-Classical Wicksellian theory that the rate of interest determines the amount of investment in the economy. His studies showed only a weak effect of interest on business investment, in particular during recessions when firms were more likely to be operating with excess capacity. The short-term rate of interest would only affect velocity of circulation of money. But he also rejected Keynes’s idea that the long-term rate of interest could affect the amount of investment in the economy. Like Hawtrey, Hicks, and Shackle, Kalecki found that the long-term rate of interest does not vary much, and is therefore unlikely to be a causal factor in the business cycle.","PeriodicalId":313534,"journal":{"name":"Interest and Capital","volume":null,"pages":null},"PeriodicalIF":0.0000,"publicationDate":"2022-01-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"The Wartime Fragments I\",\"authors\":\"J. Toporowski\",\"doi\":\"10.1093/oso/9780198816232.003.0003\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"While working in Cambridge and Oxford, Kalecki took issue with the Neo-Classical Wicksellian theory that the rate of interest determines the amount of investment in the economy. His studies showed only a weak effect of interest on business investment, in particular during recessions when firms were more likely to be operating with excess capacity. The short-term rate of interest would only affect velocity of circulation of money. But he also rejected Keynes’s idea that the long-term rate of interest could affect the amount of investment in the economy. Like Hawtrey, Hicks, and Shackle, Kalecki found that the long-term rate of interest does not vary much, and is therefore unlikely to be a causal factor in the business cycle.\",\"PeriodicalId\":313534,\"journal\":{\"name\":\"Interest and Capital\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2022-01-20\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Interest and Capital\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1093/oso/9780198816232.003.0003\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Interest and Capital","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1093/oso/9780198816232.003.0003","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
While working in Cambridge and Oxford, Kalecki took issue with the Neo-Classical Wicksellian theory that the rate of interest determines the amount of investment in the economy. His studies showed only a weak effect of interest on business investment, in particular during recessions when firms were more likely to be operating with excess capacity. The short-term rate of interest would only affect velocity of circulation of money. But he also rejected Keynes’s idea that the long-term rate of interest could affect the amount of investment in the economy. Like Hawtrey, Hicks, and Shackle, Kalecki found that the long-term rate of interest does not vary much, and is therefore unlikely to be a causal factor in the business cycle.