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Could the monetary problem were avoided with larger management? This publication explores solutions to this question from a scholarly and educational fiscal viewpoint.
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Additional resources for Somebody in Charge: A Solution to Recessions?
Other things being equal, people prefer consuming now rather than later. The bank is able to pay interest because it lends the money to investing ﬁrms (or to other consumers, but in that case there is no problem of saving leaking out of the ﬂow of income). Investing ﬁrms, on their side, want to borrow and invest more the lower the rate of interest. We thus have a demand and a supply of loanable funds, and the interest rate is the price that adjusts to clear this market. In practice, of course, there are many different interest rates on different submarkets, but we can abstract from this complication here.
More than $1 million in coins were bought by mileage lovers before the Mint put an end to the scheme. “Is this illegal? No. Is it the right thing to do? ”52 How do you “run a society” with individuals like these enterprising lovers of frequent-ﬂyer miles? When Authority wants to be in charge, the most serious obstacle it faces, the one that perhaps subsumes all constraints on its power, is the individual, the inconvenient individual. The individual has a way to look for his own interest and undermine Authority’s plans.
What individuals save and don’t directly invest in shares of stock or in their own businesses, they put in savings instruments paying interest—savings deposits, for example. The higher the rate of interest, the more would-be savers will want to save. Savings represent a sacriﬁce of current consumption for future consumption, a sacriﬁce rewarded by interest. Other things being equal, people prefer consuming now rather than later. The bank is able to pay interest because it lends the money to investing ﬁrms (or to other consumers, but in that case there is no problem of saving leaking out of the ﬂow of income).