출처: The Times, Wednesday, October 19, 1932 (p.10)
자료: The Reply to [Keynes, Pigou & others'] Letter to the Editor
※ This is a reading note this reader has made with some annotations and personal remarks added, in trying to understand the article of the above source, so please refer to the source marked above to see the original.
※ Some related or quoting articles :
- [Keynes, Pigou & others'] Letter to the Editor (The Times, 1932)
- Hayek and Keynes: what have we learned?
- Keynes vs. Hayek: The Great Debate Continues (Wall Street Journal, 2010)
Sir,--The question whether to save or whether to spend, which has been raised in your columns, is not unambiguous. It involves three separate issues:--(1) Whether to use money or whether to hoard it; (2) whether to spend money or whether to invest it; (3) whether Government investment is on all fours with investment by private individuals. While we do not wish to over-stress the nature of our differences with those of our professional colleagues who have already written to you on these subjects, yet on certain points that difference is sufficiently great to make the expression of an alternative view desirable.
- They appear to hold that it is a matter of indifference as regards the prospects of revival whether money is spent on consumption or on real investment.
- We, on the contrary, believe that one of the main difficulties of the world to-day is a deficiency of investmentㅡa depression of the industries making for capital extension, &c., rather than of the industries making directly for consumption.
- Hence we regard a revival of investment as particularly desirable.
- Under modern conditions the security markets are an indispensable part of the mechanism of investment.
- A rise in the value of old securities is an indispensable preliminary to the flotation of new issues.
- The existence of a lag between the revival in old securities and revival elsewhere is not questioned.
- that the purchase of existing securities and the placing of deposits in building societies, &c.,[케인스/피구 등이 앞서 언급한 소비 절감을 통한 계좌입금, 증권매입을 지칭] were at the present time contrary to public interest or
- that the sale of securities or the withdrawal of such deposits would assist the coming of recovery.
- On this point we find ourselves in agreement with your leading article on Monday.[??] We are of the opinion that many of the troubles of the world at the present time are due to imprudent borrowing and spending on the part of the public authorities.
- We do not desire to see a renewal of such practices. At best they mortgage the Budgets of the future, and they tend to drive up the rate of interestㅡa process which is surely particularly undesirable at this juncture when the revival of the supply of capital to private industry is an admittedly urgent necessity.
- The depression has abundantly shown that the existence of public debt on a large scale imposes frictions and obstacles to readjustment very much greater than the frictions and obstacles imposed by the existence of private debt.
If the Government wish to help revival, the right way for them to proceed is, not expenditure, but to abolish those restrictions on trade and the free movement of capital (including restrictions on new issues) which are at present impeding even the beginning of recovery.