Đây là định nghĩa truyền thống của một hệ thống kinh tế xã hội chủ nghĩa. Đó cũng là rõ ràng rằng Marx đã hình dung ra một phân phối bình đẳng thu nhập và sự giàu có dưới chủ nghĩa xã hội hơn là tồn tại dưới chủ nghĩa tư bản. Nhưng ngoài điều này, không có gì trong công việc của Marx. Tuy nhiên, ngay cả khi không rõ ràng | More free books @ IRVING FISHER someone lends money to a business firm and does not spend it. Interest was thus a reward for not consuming things today and Fisher s theory is usually referred to as a timepreference theory of interest. Because most people desire to consume things now they have to be paid to wait until next year or the year after to consume goods. Two forces determined interest rates according to Fisher. On the supply side the preferences of individuals for present and future income is important. The rate of interest gives the additional amount of goods that people will be able to consume in the future by not consuming today and lending the money they save to someone else. Interest thus becomes a payment to lenders who forgo consumption now and consume more goods at some later time. On the demand side interest rates depend upon available investment opportunities and the productivity of capital including human capital . Greater productivity will lead to greater demand for borrowed money. With greater productivity profits increase and business owners will want to expand more. To do this they will need to borrow or will demand more money. The equilibrium rate of interest is the rate of interest at which the quantity of funds that borrowers want to lend equals the quantity of funds that lenders are willing to give up. Fisher made it clear that the forces affecting both supply and demand were unstable. Moreover in addition to economic factors supply and demand were also affected by social and psychological factors such as the habits intelligence selfcontrol and foresight of both borrowers and lenders. Finally Fisher 1911 set forth the now-famous equation of exchange and he used it to identify the causes of price inflation. The equation MV PQ says that the money supply M times its velocity V the number of times a unit of money is used during a year to purchase goods and services must equal the output of goods and services P times Q . This
