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By Steinar Strom, Bjoen Thalberg

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He attributed this to the special characteristics of the money market: "A peculiarity of a money market (in contrast to a commodity market) is that supply and demand do not have to be equal, because any possible difference can be created or absorbed by the system itself, that is, by credit inflation or credit deflation, respectively. It is this point which makes the dynamics of the monetary system interesting. It was also exactly this point which Wicksell grasped and developed" (my translation; unpublished manuscript).

Stationary economy, the functions of interest rates were now to make the entrepreneurs willing to use and the capitalists willing to hold the existing stock of commodity capital. As the productivity rate was now related to the capital stock, and adjustments in stocks had to be time consuming, Frisch this time also discussed the possibility of a difference between the productivity rate and the market rate of interest, and not only between the market and the normal rate. 34 J. Andvig balance. The most important conditioning factor was the excess demand for goods that caused both an increase in the public's money stock as a consequence of the realized positive financial investment-saving difference, and made the entrepreneurs raise their prices.

1 In order to be insured against threats of saving, the notes could only be used within a fairly short period of time. The use of commodity notes made it possible to preserve something of the decentralized "matchings" of buyers and sellers performed by a. monetary system. "Circulation Planning" was a very special piece of work. Its economic content had deep roots in utopian thinking by trying to solve the old problems of overproduction and the difficulties of selling by means of a monetary scheme.

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