Economía marxista para el Siglo XXI

Michael Roberts Blog

There has been an eruption of an old debate among mainstream economics bloggers.  The debate is about, first, whether there is a ‘natural rate of interest’ that provides equality between investment and savings in an economy at full employment; and second, whether current interest rates in the major economies are above or below that ‘natural’ rate.

The concept of a ‘natural’ rate where desired investment in new structures, equipment and technology matches desired saving by households and firms in a ‘general equilibrium’ comes from the neoclassical economist of the late 19th century Knut Wicksell.  He argued that if investment exceeded savings in an economy, the natural rate would rise so that savings would then increase to match investment and vice versa.  If for some reason, the natural rate did not rise, then there would ‘overheating’ in the economy, in the form of inflation.  In the recession example…

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