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The difficulties in the way of maintaining effective demand at a level high enough to provide full employment, which ensue from the association of a conventional and fairly stable longterm rate of interest with a fickle and highly unstable marginal efficiency of capital, should be, by now, obvious to the reader. Such comfort as we can fairly take from more encouraging reflections tory burch sale outlet must be drawn from the hope that, precisely because the convention is not rooted in secure knowledge, ...

yet a domestic rate of interest dragged up to a parity with the highest rate highest after allowing for risk prevailing in any country belonging to the international system may be much higher than is consistent with ghd australia cheap domestic full employment. Thus a monetary policy which strikes public opinion as being experimental in character or easily liable to change may fail in its objective of greatly reducing the longterm rate of interest, because M may tend to increase almost without ...