ON THE MANIPULATION OF MONEY AND CREDIT (Mises, ud
ON THE MANIPULATION OF MONEY AND CREDIT (Mises, udg.1978, ca.1920-1950)
I ovennævnte bog gives en fremragende forklaring på skadevirkningen af lave renter. Læs selv, hvor enkelt denne sammenhæng er:
The expansionists, as the champions of inflation style themselves today, see in the rate of interest nothing but an obstacle to the expansion of production. If they were consistent, they would have to look in the same way at the prices of the material factors of production and at wage rates. A government decree cutting down wage rates to 50% of those on the unhampered labor market would likewise give to certain projects, which do not appear profitable in a calculation based on the actual market data, the appearance of profitability. There is no more sense in the assertion that the height of interest rates prevents a further expansion of production than in the assertion that the height of wage rates brings about these effects. The fact that the expansionists apply this kind of fallacious argumentation only to interest rates and not also to the prices of primary commodities and to the prices of labor is the proof that they are guided by emotions and passions and not by cool reasoning. They are driven by resentment. They envy what they believe is the rich man's take. They are unaware of the fact that in attacking interest they are attacking the broad masses of savers, bondholders and beneficiaries of insurance policies.
I ovennævnte bog gives en fremragende forklaring på skadevirkningen af lave renter. Læs selv, hvor enkelt denne sammenhæng er:
The expansionists, as the champions of inflation style themselves today, see in the rate of interest nothing but an obstacle to the expansion of production. If they were consistent, they would have to look in the same way at the prices of the material factors of production and at wage rates. A government decree cutting down wage rates to 50% of those on the unhampered labor market would likewise give to certain projects, which do not appear profitable in a calculation based on the actual market data, the appearance of profitability. There is no more sense in the assertion that the height of interest rates prevents a further expansion of production than in the assertion that the height of wage rates brings about these effects. The fact that the expansionists apply this kind of fallacious argumentation only to interest rates and not also to the prices of primary commodities and to the prices of labor is the proof that they are guided by emotions and passions and not by cool reasoning. They are driven by resentment. They envy what they believe is the rich man's take. They are unaware of the fact that in attacking interest they are attacking the broad masses of savers, bondholders and beneficiaries of insurance policies.