(hiện nay là tương đối lãng quên trong bối cảnh ánh sáng của lý thuyết sau đó Tổng hợp của mình) một âm thanh và phê bình tìm kiếm, phần lớn trong số đó áp dụng cho khối lượng sau này. Vì vậy, Hayek đã chỉ ra rằng Keynes chỉ đơn giản là giả định mà không tổng hợp lợi nhuận chỉ đủ | 78 America s Great Depression particular the stock market as against the quantity of money outstanding. More dangerous than the Banking School in this qualitative emphasis are those observers who pick out some type of credit as being particularly grievous. Whereas the Banking School opposed a quantitative inflation that went into any but stringently self-liquidating assets other observers care not at all about quantity but only about some particular type of asset . real estate or the stock market. The stock market was a particular whipping boy in the 1920s and many theorists called for restriction on stock loans in contrast to legitimate business loans. A popular theory accused the stock market of absorbing capital credit that would otherwise have gone to legitimate industrial or farm needs. Wall Street had been a popular scapegoat since the days of the Populists and since Thorstein Veblen had legitimated a fallacious distinction between finance and industry. The absorption of capital argument is now in decline but there are still many economists who single out the stock market for attack. Clearly the stock market is a channel for investing in industry. If A buys a new security issue then the funds are directly invested if he buys an old share then 1 the increased price of stock will encourage the firm to float further stock issues and 2 the funds will then be transferred to the seller B who in turn will consume or directly invest the funds. If the money is directly invested by B then once again the stock market has channelled savings into investment. If B consumes the money then his consumption or dissaving just offsets A s saving and no aggregate net saving has occurred. Much concern was expressed in the 1920s over brokers loans and the increased quantity of loans to brokers was taken as proof of credit absorption in the stock market. But a broker only needs a loan when his client calls on him for cash after selling his stock otherwise the broker will keep an
