O debate entre keynes e os "clássicos" sobre os determinantes ds taxe de juros : uma grande perda de tempo?
By: OREIRO, José Luís
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ArticlePublisher: São Paulo : Editora 34, abr./jun. 2000Revista de Economia Política = Brazilian Journal of Political Economy 20, 2, p. 95-119Abstract: This article presents the debate between Keynes and the Classics relative to the determinants of the rate of interest, with the objective of analyze if there is any sub-ject theoretically relevant under discussion. We demonstrate that, contrary to what has been said by many neoclassical scholars like Hicks, there is an important theo-retical question being discussed between Keynes and the Classics, that is the mecha-nism according to which the plans of saving and investment have influence over the rate of interest. For the Classics these decisions have immediate influence over the rate of interest, i.e. the immediate impact of variations of saving and investment is over this variable. For Keynes, however, the immediate impact of these variations will be over the level of income and employment. As a result of this effect there will be a change in the level of interest rate. This same question reappears on the debate be-tween Asimakopulos, Kregel and Davidson; but in a different context, that is the consideration of propensity to save as a financial restraint to investment decisions
This article presents the debate between Keynes and the Classics relative to the determinants of the rate of interest, with the objective of analyze if there is any sub-ject theoretically relevant under discussion. We demonstrate that, contrary to what has been said by many neoclassical scholars like Hicks, there is an important theo-retical question being discussed between Keynes and the Classics, that is the mecha-nism according to which the plans of saving and investment have influence over the rate of interest. For the Classics these decisions have immediate influence over the rate of interest, i.e. the immediate impact of variations of saving and investment is over this variable. For Keynes, however, the immediate impact of these variations will be over the level of income and employment. As a result of this effect there will be a change in the level of interest rate. This same question reappears on the debate be-tween Asimakopulos, Kregel and Davidson; but in a different context, that is the consideration of propensity to save as a financial restraint to investment decisions
Revista de Economia Política 2000
v. 20, n. 2(78)
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