T. W. Swan: “Some Notes on the Interest Controversy”

Peter L. Swan ()
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Peter L. Swan: UNSW (Sydney)

Chapter Chapter 5 in Trevor Winchester Swan, Volume I, 2022, pp 149-163 from Palgrave Macmillan

Abstract: Writers agree that the two theories, “loanable funds” and “liquidity preference”, are merely different ways of saying the same thing - but they reach this conclusion by diverse processes in varying ways. Yet in the end the view of the controversy as a “sham dispute” will not be challenged, and it will be argued that revised terms of settlement, less ambiguous than the old, may be subscribed to by the adherents of “liquidity preference” and “loanable funds” alike. J. R. Hicks, in his chapterHicks, John R. on the determination of the rate of interest refers to a “sham dispute within the ranks of those who adhere to the monetary approach. Is the rate of interest determined by the supply and demand for loanable funds (that is to say, by borrowing and lending); or is it determined by the supply and demand for money itself? This last view is put forward by Mr.Keynes in his General Theory.

Date: 2022
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DOI: 10.1007/978-3-031-13737-2_5

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