Tiết kiệm và đầu tư, phí Keynes, hai quá trình hoàn toàn riêng biệt, được thực hiện bởi hai bộ những người có ít hoặc không có liên kết giữa chúng, xác định các "cổ điển" tiết kiệm và đầu tư do đó bất hợp pháp. Tiết kiệm "rò rỉ" ra khỏi dòng tiêu thụ chi tiêu, đầu tư đổ trong một số giai đoạn khác | 2 Keynesian Criticisms of the Theory1 Ỉ I Mere are two standard Keynesian criticisms of the Mises I cycle theory. One charge takes the followers of Mises to task for identifying saving and investment. Saving and investment the Keynesians charge are two entirely separate processes performed by two sets of people with little or no link between them the classical identification of saving and investment is therefore illegitimate. Savings leak out of the consumption-spending stream investments pour in from some other phase . Hayek subjected . Keynes s early Treatise on Money now relatively forgotten amid the glow of his later General Theory to a sound and searching critique much of which applies to the later volume. Thus Hayek pointed out that Keynes simply assumed that zero aggregate profit was just sufficient to maintain capital whereas profits in the lower stages combined with equal losses in the higher stages would reduce the capital structure Keynes ignored the various stages of production ignored changes in capital value and neglected the identity between entrepreneurs and capitalists took replacement of the capital structure for granted neglected price differentials in the stages of production as the source of interest and did not realize that ultimately the question faced by businessmen is not whether to invest in consumer goods or capital goods but whether to invest in capital goods that will yield consumer goods at a nearer or later date. In gener -al Hayek found Keynes ignorant of capital theory and real-interest theory particularly that of Bohm-Bawerk a criticism borne out in Keynes s remarks on Mises s theory of interest. See John Maynard Keynes The General Theory of Employment Interest and Money New York Harcourt Brace 1936 pp. 192-93 . Hayek Reflections on the Pure Theory of Money of Mr. . Keynes Economica August 1931 270-95 and idem A Rejoinder to Mr. Keynes Economica November 1931 400-02. 37 38 America s Great Depression of spending. The .
