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Man economy and state with power and market phần 4

Cuối cùng, do đó, Jones sẽ đạt được một điểm ở đâu, trong bất kỳ trao đổi hơn nữa của X cho Y, tiện ích cận biên của X sẽ được lớn hơn so với tiện ích cận biên của đơn vị tăng thêm của Y, do đó ông sẽ làm cho không có trao đổi thêm. Ngoài ra, Smith là một vị trí tương tự. Khi anh tiếp tục trao đổi Y cho X, cho tiện ích cận biên của Y | Production The Rate of Interest and Its Determination 387 What happens after the individual supply curve hits the vertical axis depends entirely on the time preferences of the individual. In some cases as in that of John Smith above the person s marginal utility of money falls too fast as compared with that of future money for him to participate as a net demander of present goods at low rates of interest. In other words Smith s time-preference ratio is too low in this area for him to become a demander of present goods and a supplier of future goods. On the other hand Robinson s higher schedule of time preferences is such that at low rates of interest he becomes a supplier of future goods for present goods. See Figure 42. We may of course diagram a typical individual s supply and demand curve conventionally as we have done in Figure 42. On the other hand we may also modify this diagram so as to make one continuous curve of the individual s activity on the time market. We may call this curve the individual s time-market curve. At higher interest rates down to where it hits the vertical axis this curve is simply the individual s supply curve of present goods. But below this we are reversing his demand curve and continuing it on to the left on the horizontal axis. See Figure 43. 388 Man Economy and State with Power and Market Every individual on the market has a similar type of timemarket schedule reflecting his particular value scale. The schedule of each will be such that at higher rates of interest there will be a greater tendency toward net saving and at lower rates of interest less saving until the individual becomes a net demander. At each hypothetical rate of interest there is a possible net saving net demanding or abstaining from the market for each individual. For some changes in the rate of interest there will be no change vertical curve but there will never be a situation where the supply will be greater or demand less with lower rates of interest. The .