Teoria pieniądza J.M. Keynesa
The Money Theory by J. M. Keynes
Przedstawiono najważniejsze założenia keynesowskiej teorii pieniądza.
The paper presents the main assumptions and arguments of the money theory by J. M. Keynes where the analysis of conditions for monetary balance takes an important place. In the analysis of money operation Keynes ascribes an important place to this description of the problem of the money demand and supply. Keynes assumes that the quantity of money equals money deposits which he divided into income deposits, commercial deposits and savings-bank deposits. In his analysis he diverted from the assumption of the classical theory of economics on a direct dependence of the price level upon the quantity of money. This problem has been considered in detail in the paper as it has the key position in the analysis by Keynes. He disagreed with the basic assumption of the quantitative money theory which says that changes in the money supply affect a proportional increase in prices and it largely resulted from the Keynes' assumption of conditions of incomplete and full employment. Changes in the money quantity will firstly influence upon the change of interest rate which wll affect other changes in the economy. Further, the paper discusses the problems of shaping the interest rate and its influence upon economic processes. According to Keynes the interest rate depends on the money quantity and the money demand which depends on factors divided into three groups: 1. the transaction motive, 2. the saving motive and 3. the speculative motive. The last part of the paper discusses the influence of the interest rate upon the investment demand. According to Keynes new investments will be made until the extreme capital efficiency equals the current interest rate. This dependence has been presented on three charts.(original abstract)