ABSTRACT
Keynesandhissuccessors,likethegroupofauthorsdiscussedinthe secondpartofthisbook,developedtheirtheoryontheassumptionofan expandingeconomyinwhichsavingandinvestmentaretakingplace. Theydeterminetherateofinterestinachangingeconomyforaunit period,orratherforapointintime.Tothisextenttheymerelyforma sub-groupoftheauthorsdealtwithinthesecondpart.Theyaretreated separatelybecause,atfirstglance,theyseemtoconsidertheinterestrate anexclusivelymonetaryphenomenon. .However,acloseranalysisofthediscussioncenteringonKeynes
showedthat,ifoneassumesflexiblemoneywageratesaseconomists generallydidpriortoKeynes,therateofinterestis,exceptforthecase mentionedbelow,determinedsolelybytherealfactorsinthesystem. Thisresultisidenticaltothatobtainedbyallearliertheorists.Inthisstatement,wenaturallydisregardphenomenaarisingduringthetransition fromasystemwithagivenquantityofmoneyandliquiditypreferenceto anothersysteminwhichthesetwovariablesaredifferent.
