Consumo/Investimento/dinheiro II

Como dito em I., guardar dinheiro debaixo do colchão ou inversamente retirar e consumir ou investir, não tem qualquer efeito prático. Acumular dinheiro, apenas altera os preços nominais, a economia real e a proporção de investimento e consumo mantêm-se, ou seja, a taxa de juro que equilibra a preferência entre consumo agora e consumo futuro (investimento), não se altera por essa via.

"(...) An increased demand for money, then, tends to lower prices all around without changing time preference or the pure rate of interest Thus, suppose total social income is 100, with 70 al­located to investment and 30 to consumption. The demand for money increases, so that people decide to hoard a total of 20. Expenditure will now be 80 instead of 100, 20 being added to cash balances.

Income in the next period will be only 80, since expenditures in one period result in the identical income to be allocated to the next period.[9] If time preferences remain the same, then the proportion of investment to consumption in the society will remain roughly the same, i.e., 56 invested and 24 consumed. Prices and nominal money values and incomes fall all along the line, and we are left with the same capital structure, the same real income, the same interest rate, etc. The only things that have changed are nominal prices, which have fallen, and the propor­tion of total cash balances to money income, which has increased.

A decreased demand for money will have the reverse effect. Dishoarding will raise expenditure, raise prices, and, ceteris pari­bus, maintain the real income and capital structure intact. The only other change is a lower proportion of cash balances to money income.

The only necessary result, then, of a change in the demand-for-money schedule is precisely a change in the same direction of the proportion of total cash balances to total money income and in the real value of cash balances. Given the stock of money, an increased scramble for cash will simply lower money incomes until the desired increase in real cash balances has been attained.

If the demand for money falls, the reverse movement occurs. The desire to reduce cash balances causes an increase in money income. Total cash remains the same, but its proportion to in­comes, as well as its real value, declines.[10]"

[10] Strictly, the ceteris paribus condition will tend to be violated. An increased demand for money tends to lower money prices and will there­fore lower money costs of gold mining. This will stimulate gold mining production until the interest return on mining is again the same as in other industries. Thus, the increased demand for money will also call forth new money to meet the demand. A decreased demand for money will raise money costs of gold mining and at least lower the rate of new production. It will not actually decrease the total money stock unless the new production rate falls below the wear-and-tear rate. Cf. Jacques Rueff, “The Fallacies of Lord Keynes’ General Theory” in Henry Haz­litt, ed., The Critics of Keynesian Economics (Princeton, N.J.: D. Van Nostrand, 1960), pp. 238–63.

MONEY AND ITS PURCHASING POWER Rothbard