quinta-feira, 17 de fevereiro de 2005


"(...) A man may allocate his money to consumption, in­vestment, or addition to his cash balance. His time preferences govern the proportion which an individual devotes to present and to future goods, i.e., to consumption and to investment. Now suppose a man’s demand-for-money schedule increases, and he therefore decides to allocate a proportion of his money income to increasing his cash balance. There is no reason to suppose that this increase affects the consumption/investment proportion at all. It could, but if so, it would mean a change in his time pref­erence schedule as well as in his demand for money.

If the demand for money increases, there is no reason why a change in the demand for money should affect the interest rate one iota. There is no necessity at all for an increase in the de­mand for money to raise the interest rate, or a decline to lower it—no more than the opposite. In fact, there is no causal connec­tion between the two; one is determined by the valuations for money, and the other by valuations for time preference." Murray N. Rothbard

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