nó là tương đối lợi nhuận cao hơn nhiều so với các ngành công nghiệp sản xuất hàng tiêu dùng cuối cùng có được (các ngành công nghiệp, như chúng ta đã thấy, đang duy trì tổn thất tuyệt đối của 15 mu). Do đó, tăng trưởng trong việc tiết kiệm tăng lên một sự chênh lệch giữa tỷ lệ lợi nhuận trong các giai đoạn khác nhau của | 7 A Critique of Monetarist and Keynesian Theories In this chapter we will criticize alternative theoretical developments aimed at explaining economic cycles. More specifically we will consider the theories of the two most deeply-rooted schools of macroeconomics the Monetarist school and the Keynesian school. According to the general view these two approaches offer alternative competing explanations of economic phenomena. However from the standpoint of the analysis presented here they suffer from very similar defects and can thus be criticized using the same arguments. Following an introduction in which we identify what we believe to be the unifying element of the macroeconomic approaches we will study the monetarist position including some references to new classical economics and the school of rational expectations and then the Keynesian and neo-Ricar-dian stances. With this chapter we wrap up the most important analytical portion of the book. At the end as an appendix we include a theoretical study of several peripheral financial institutions unrelated to banking. We are now fully prepared to grasp the different effects they exert on the economic system. 1 Introduction Though most textbooks on economics and the history of economic thought contain the assertion that the subjectivist 509 510 Money Bank Credit and Economic Cycles revolution Carl Menger started in 1871 has been fully absorbed by modern economic theory to a large extent this claim is mere rhetoric. The old objectivism of the Classical School which dominated economics until the eruption of the marginalist revolution continues to wield a powerful influence. Moreover various important fields within economic theory have until now remained largely unproductive due to the imperfect reception and assimilation of the subjectivist view. 1 Perhaps money and macroeconomics a term of varying accuracy constitute one of the most significant areas of economics in which the influence of the marginalist revolution and
