   
 


 ()
          .       ,        (     ).      19211929 .,          1929 .  ,       ,       .    ,                .





 

   



Murray ROTH BARD



AMERICAS

GREAT DEPRESSION



LUDWIG VON MISES INSTITUTE



    . . 



     :     / . ; . . 3- . ; : , 2019. 522 . (). ISBN 978-5-91603-106-5. : .



 2000 by Ludwig von Mises Institute

         , 2012








  (19261995)  ,   .    -, -, ; 13       (. , . ).      Man, Economy and State, America's Great Depression, An Austrian Perspective on the History of Economic Thought (Vols 12).       :      ,    ,        ,   :   ,   ,  ,   .

              .       ,       .      19211929.,          1929.  ,       ,       .    ,                .

                 ?    .    .




 


            XX.      .        ,   ,  -   ,    ,        .              ,       .

,     ,      .                   ,   , ,      ,       .      1963.  :      ,      ,            ,         .        ,           .          ,   ,    ,       ,      -  ..       20072008.,    .             30-  XX.,      .            .

           ,           .     . .          ,   .             ,         ,     ,    .

,  ,             (       )        .      ,              ,    ,      ,    ,   ,        ..            .

    .        .       ,   30-        ,  ,   ,  ,   ,  - .  ,                   , , ,      ,      .        , , ,   ,        ,        .

    ,          ,      .        .       ,       ,          .         . ,   .     .



 

 2012.




   


 1929.     . ,   ,      - .     .  ,    ,   ,      ,      ,      .  19201921.    ,           18991900  19101912.,    ,     ,   19071908. 18191821.[1 -  18731879.    . -,    ,  -,         ,    ,      ,    .      .: O. Wells, The Depression of 18731879, Agricultural History 11 (1937): 240.]   ,   1929.,     .

    1929.              .            ,         -   .     [      ],          10%,     20% ( 1931.)          ,  15%.

          ,      (NBER), ,       ,      .  , NBER              ,    ,          .        NBER   ,     ()   () ,            ,        ,       ,    .    1920-          NBER,           1923  1926. ,      NBER     ,       19321933.,            ,     19331937.         .    -  15%,    19331937.     .     ,    ,   1932.[2 -             19291933.,         ,     .]

  ,      -   ,      ,           ,     ,  ,   laissez faire.  ,   ,   ,   ,   1920-               ,    laissez faire     .    XIX.     ,           .          ,   .                ,   .      ,      ,            ,         .        ,           .

    ,           .        ,                    ,    ,  .  ,        ,        .        ,    ,    .   ,  ,      ,   .  XX ,        ,   -,    , ,   - ,       .  ,    ,    , ,   ,      ,   ,       ,        .

      - ,  .      -     ,     .            [  ],         .    ,       - ,   .                  XIX.,     . ,  XX.,         .    ,       XIX.   ,                  ,    .    ,    ,   .    ,    ,   ,     ,     ,       .        ,    ,     .   ,      ,         ,    ,    .     ,         !  ,     ,     .

        ,  [3 -   ( . causa  ) ,     -  ,     ,      ,   (   ),     (      , ..       -   ). . . .].           ,   .        ,          [4 - ,           .].        ,      ,  ,        .               1929. ,      ,        . ,  ,           .                          .        ,   .     -     [5 - .:  . .  :    . : , 2005;  .   . : , 2012;    . ,     . : , 2008;  .   . : , 2007. . :  .   . : , 2005;  .     . .: , 2012. . . .] ,    [6 -         ,     ,         ,    .            .]. , ,         .    :   ?             ,      . ,  ,             : -    , -   , -                    .    ,          ?      ,    .  ,       ,      ,    .   ,        (  )   ,    ,     ,         .  ,      ,      ,    -.              [7 -  ,  ,    .           : Murray N. Rothbard, In Defense of Extreme APriorism, Southern Economic Journal (January, 1957): 214220; idem, Praxeology: Reply to Mr. Schuller, American Economic Review (December, 1951): 943946; idem, Toward A Reconstruction of Utility and Welfare Economics, in Mary Sennholz, ed., On Freedom and Free Enterprise (Princeton, N.J.: D. Van Nostrand, 1956), pp. 224262.      : Ludwig von Mises, Human Action (New Haven, Conn.: Yale University Press, 1949); Mises, Theory and History (New Haven, Conn.: Yale University Press, 1957); F.A. Hayek, The Counterrevolution of Science (Glencoe, Ill.: The Free Press, 1952); Lionel Robbins, The Nature and Significance of Economic Science (London: Macmillan, 1935), Mises, Epistemological Problems of Economics (Princeton, N.J.: D. Van Nostrand, 1960); Mises, The Ultimate Foundation of Economic Science (Princeton, N.J.: D. Van Nostrand, 1962). [ . .  :    . : , 2005.  .   :  - . : , 2007;  .    . : , 2013;  .    . : , 2013.]].

,        ,         ,        ,     .   , ,       ,  ,     .     .    ,  ,    .  ,             .          .       ,     .    .           .    ,       .    ,          ,      ,     .     ,            [8 - ,    ,       ,   ,       ,         ,    ,         ,       .    ,         .].            ? ,         ,         .

       .          1929.   .           ,              .     ,    ,     .  ,         ,       19201930- .

 ,                ,    . , NBER                .      (     NBER   ),    ,         ,    .

 ,   ,  NBER,  ,     .  , ,    ,  ,       NBER,     .      ,   ,   -               .

        1920- .         ,    .   ,      ,            .          .   ,      ,        ,           .        ,        ,    .     ,     ,      .  ,          .      ,        ,      .   ,    ,            , ,       , ..    .          ,   1929.     , ,   ,        ,    ,   ,         .    ,                .         ,     , ,  ,    .

     ,   (..    )    (..      ). ,   ,   19211933.   1921-  1929-   ,    .    ,      ,       1929.  19291933.     ,          .     ,   ,         .

,       19331940.          .

  1921.   .                ,    ,     19201921.,    ,   ,  .      ,           ,  .  ,     ,   19201921.,   1921.,   ,       ( ,        ,   )     [   1929.] .           19201921.  19291933.        19201921.       19291933.

   ,       ,    -   1929.                  ,    1929.               1929.      [9 -  -  ,   1929.,  : Lionel Robbins, The Great Depression (New York: Macmillan, 1934),        . . : C. A. Phillips, T. F. McManus, R. W. Nelson, Banking and the Business Cycle (New York: Macmillan, 1937)  Benjamin M. Anderson, Economics and the Public Welfare (New York: D. Van Nostrand, 1949),      ,        XX.   ,      (Thomas Wilson, Fluctuations in Income and Employment [3rd ed., New York: Pitman, 1948])        .        ,     : John K. Galbraith, The Great Crash, 1929 (Boston: Houghton Mifflin, 1955 [ . .   1929 . : , 2009]).        ,   ,     .    ,        ,         1930- .         : O. K. Burrell, The Coming Crisis in External Convertibility in U.S. Gold, Commercial and Financial Chronicle (April 23, 1959): 5, 5253.].



 




   


 ,        ,    ,   ,     .    1960-   ,       1920-,             .      ,    1969.,        ,    ,  ,      ,           .

   ,       ,   ,           .       ,  ,  ,        ,        .        ,             .

  ,                .   ,      ,     ,   ,     ,  ,   .  ,   ,    ,     ,  ,          , .. ,   ,   ,     ,   ,  .   ,            ,             .           ,   ,        ,  ,        ,          ,       ,    .

 ,            (  )    . ,      ,   ,          .     ,  ,  10%,       20%,           .   , ,             .        ,           .                 ,     ,     ,     .       ,         ,    . ,        ,       ,       . ,   ,   ,  ,  ,    ,     , ..  .  ,  ,          ,          .  ,              ,     .

           1960-      黠       .            .                ,       ,  ,                ,      19101920- .     XIX.,              ,     ,         . ,  ,                . ,   ,           ,    ,            ,    ,  .  ,    -   ,        ,      .

 ,       ,            .  ,          ( )  .        ,    ,            ,    . ,       , 18671960.,   1963.,   ,         1920-        .                   ,   , ,     ,     ,   .  ,       - ,                ,      ,     ,      ,        ,    .       1920-      ,                      1930- . -,   ,   ,           ,    1920- .       ,        ,           [ ]   .

    ,        ,      ,            .            ,   ,     ,    ,   .                 - .    1920- ,        ,         .



 ,

-,  -,

 1971.




   


         . ,   19691971.    ,  (   1973.)         ,         1974.         ,     10%         .   -          1930-     . -,      . -, ,   1929.     ,  .    ,      ,               6  10%     ( 1974  1975.)      . ,  1930-       ,           ,           ,  1929.

         ,    ,     1930- ,     .         ,        ,       ,        .  ,              ,        ,   .    ,   ,   ,          ,   ,    ,   -   ,      ,                      .  ,     ,      ,       ,       .  ,  ,  -        ,       ,   ,     .         ,   ,             ?      ,  ,       ?

       ,      ,       .    ,   ,    ,       .   ,    ,          ,   ,   ,  -  . ,  1974.          ,         .     .  ,                  ,     ,   ,   , , ,        ,    .  ,    ,       ,           .

 , ,     ,      ,   ,   ,   ,    ,   -!

            ,    ,    ,         .               . ,          ,     .            .              ,   .        1913.         .       .    1933.,       ,      1968.,           ,     1971.    ,            ,            ,     ,   ,   .     ,          ,           ,        .

 ,   ,            ,  .       ,     ,   ,           .       ,        ,      ,      .       ,    ,     ,                    ,   .      ,      ,    .           (..        )    .  ,     19741975.            ,         ,      ,     .     ,    .

 -   ,     ? -,    ,           ,     .               ,      ,    [ ]    .      ,    ,    ,    .      .     ,  ,        .          ,      .         ,     .  ,    ,            .          ,               ,   ,          , ,   ,   .  1913.     ,         .         , .. ,   ,     ,   .  1933.     ,  ,   ,     ,    .       ,          -.

      ,      .    ,   ,      .       ,     ,            ,    (..   )   ,   , ,  ,     .      1930- .    .   1921.    ,    ,      ,           .   ,          ,       .    1929.    ,  ,      ,            ,     .                ,       .    ,          ,      , ..  laissez faire.

, ,     ,       ,      .      ,  ,           ,               .      ,        ,        .  ,   ,       ,      ,        ,     .       ,       ,     ,  ,         ,  ,         .



 ,

-, ,

 1975.




   


 ,         .       19691971.,    ,       19731975.,    .        ,  ,   ,  ,    ,   19731975.,     1930- .

   ,        , , ,     .  ,     ,  .  ,           ,            ,        .

    ,     19811983.       19791980.,  ,       19801981.      ,    1979.       ,      ,          1930- .

   19811983.,      19731975.,           ,       .          ,    .      -      ,    .              .  ,                ,                  ,    ,       .     ,            ,   ,    ()        ,        ()   ,        ,      ,     .

               .          ,            .  ,   -      ,    ,    ,      ,  ,  .   ,          ,         .

         .   ,   -    ,   , .       ,    ,          .       ,    ,     .     ,       , ,   ,      ,    .        ,   .

    ,  ,     ,    ,   ,   ,    ,          .

   ,         .     ,  ,                 .

      ,         (supplyside economics),    ,    .   ,   ,   ,   ,     ,   ,    ,    ,   .    ,           ,                    .

  ,     ,             ,     .        ,      ,   ,         ,      ,    ,     ,    .        30%,      ,      .

 ,  :          ,    ?              ,    .

  ,            ,       ,           ,               (bracket creep).   ,           (  ) ,      .

                - ,      ,     ,    - .    ,     (..       )       3% .     , ,  12  5%   ),    ,       ,    .       ,   3%.   ?

   ,       ,           .                .     ,     ,   ,  ,        .    ,   ,     ,  ,           .

,   ,      ,  ,      ,     ,      .                  ,    ,      , ,  ,      .         .                       .               ,     .      ,    ,     ,    ,        ,      .              .

 ,      .     ,   ,   ,    ,     ,       .  ,   ,        ,     ,        . -         :         ,     .

         ,   .     ,    .          .        (    ,        )     -     ,     ,  ,        .    ,       ,             .  ,           ,        .

 ,       .    ,     . .  ,    ,     ,    .          ,     ,  .     ,  ,   ,   ,         .          .          ,   .          ,        ,        ,        1923.[10 -    ,    (Rentenmark),     ,    15  1923.         19221923.   (Deutsche Mark).         1    1  (10  12- )  .         1   = 4,2  .       ,  30  1924.   ,      ,   ,               (    1948.). . . .]        ,         .                   - .   ,     ,       ,            .

  ,        .             (U.S. Gold Commission),     ,      ,  ,        .          ,          ,          ,  ,        .

     ,      ?       1930- ,          ? ,          .  ,         ,    ,      1960-            .         ,      ,          [11 -   , ,                  1970- . . . .].      ,          ,      .  ,        ,              ,  ,    .         ,       ,     ,  , ..   ,    1981     1982., ?        ,         .            1930- .  ,    ,      ,   ,      ,                    , ,   ,    .   ,          ,            ,      .

      .                   ,         ,    .      1980.,         ,         (   )      .  ,             .          ,    ,          ,   ,            ,   .

      ,     ,  ,  ,          ,          ,    1929.,   ,       ,       .  ,     ,  ,   ,  ,      ,             , ,        ,         .  ,                .        ,      1929.,   ,     .     , ,          ,      laissez faire,   ,         .        ,        , ,     ,       ,   . ,                        ,    .



 ,

, ,

 1982.




 

  





 1

   



          .     ,    ,  .     ,    ,   ,        (    ,            ).                         .           ,     [12 -         .         ,     ,      .].

    ,             ,          ,      ,       ,         ,        ,          ,  .  ,     ,        ,     .   ,     ,        (      ,     ad hoc ,              ,       ).     (  ,   ),   ,    ,  ,       ,                [13 -      , ,     ,     . .: Haberler, Gottfried, Prosperity and Depression (2nd ed., Geneva, Switzerland: Ligue of Nations, 1939) ( .   . : , 2005).].         -       ,    .   ,       ,     ,                     ,    .   ,     ,   .       ,      ,      ,     .         ,       ,      .




1.1.       


       ,   ,        .       ,        ,       ,   .         ,           ,     .      ,      .          ,       .              . ,     ,           .    ,        ,  .

         .   .  ,  ,     ,  ,    .       ,     .        .       .           .   ,       ,    .     ,             ,          .  ,           - ,        ,        .

 ,   ,        , ,         , .            .    . ,          .            :     /  ,        .. ,           , ,  ,      ,      .    ,   ,     ,    ,              ,         ?        ,      ,         ?  ,           ,       ,    ?             .               ,              ?   . . :         . ,           .         ,         ?[14 - F.A. Harper, Why Wages Rise (Irvington-on-Hudson, N.Y.: Foundation for Economic Education, 1957), pp. 118119.],[15 -            .  , ,    ,    .       ,  , -,     , -,   -,  - ,       (                  /      ? ,      , ,             ,        . . . .]

 ,  ,          ,   .    ,      .               ,     .              ,         .            .               . , ,                  . ,                   (      ,       ,    ,    ,  ..),  .     ,    ,    ,      .

         ,   ,           ,       .   (, ,     ) ,   ,     ,   ,     -    ,         . ,          ,         ,               ,        . ,   ,       .

        ,   ,        .      ,      .     ,    ,    ,        .         ,   ,        .      /       .                  , ..,  ,    .   , ,    .   ,      (        )      ( ,   ),           . ,           .             .   ,   ,         (cash balances),                  .  ,          ,     ,          ,       .    ,      ,         .    (..   ), , ,       ,       ,     .

,     ,             , ..             ,  .       ,     ,          [ ]    .  ,         ,    , ..   .

,         [16 - .:  . .  :    . : , 2005. . 385, 390, 402403. Rothbard, Murray. Man, Economy and State. (3rd ed., Scholars Edition, Auburn, Alabama: Ludwig von Mises Institute, 2004), pp. 756762. . . .]        . ,                  .          . ,          ,          ?  ,     ?  -,   ,  ,     ,           ,   ,           .




1.2. :  


,                 per se[17 - .:  . . .].  ,       ,   :        ?   ,      .      ,   ,   ,    .             .   , ,    ,     .

        .   ,     ,   .        ,        ,  ,   ,   ,   ,         .  ,          ,  ,     .      ,          , ..    ,     ( ) .  ,         ,      ,   .        ,     ,       ?  ,                    ?         .

,        ,       - .          .        ?

       .  ,     ,   , ,   ,   . ,   ,     ,     , .. ,    ,              .

    ,   ,    ,   .   , ,  (   )    .




1.3. :   


 ,        ,       ,           [18 -        (Budge, Siegfried, Grundztige der Theoretische Nationalokonomie [Jena, 1925]):     []      ,      ,       ,  . <>    ,    ,            ,           (. : Kuznets, Simon S. Monetary Business Cycle Theory in Germany, Journal of Political Economy [April, 1930]: 127128).           ,    -       .]. , ..    ,        ,   ,      .       .       ,        ,       ,           (   ). ,        ,   ,    , .. ,           .     ,      ?  , ,       (pure interest rate)[19 -     pure   pure interest rate    , ,    ,      ..  .                    ,           ,   ,  ( ,  ,     ..). . . .],        .               ,     (..        ,           )    .  ,           ,          (..         ,        ).                ,      ,          .          ,   - ,           ,    ,      .  , ,    .       .           , ,     [20 -      ,      ,     : Mises, Ludwig von, Human Action (New Haven, Conn.: Yale University Press, 1949) ( . .  . : , 2005; . :  .   . : , 2012),   : Fetter, Frank A. Economic Principles (New York: Century, 1975)    Interest Theories Old and New, American Economic Review (March, 194, pp. 6892).].

 ,      ( ,  ,     )     ?[21 -          ,     ,           . .       .]           ,    .    ,     ,    ,       :       ,    .  ,    , - ,   ,  ,    ,      .      ,          ,          , ..   ,        .    ,   , ..   ,            ,      , ..         (   ), ,  ,           [22 -            .: Hayek, Prices and Production (2nd ed., London: Routledge and Kegan Paul, 1935); Mises, Human Action; Eugen von Bohm-Bawerk, Positive Theory of Capital, in Capital and Interest (South Holland, Ill.: Libertarian Press, 1959), vol. 2. (. .:  .   . : , 2007;  . .  . : , 2005; - .    // - .   . . 23. : , 2010. . 31572.)].

               ,      ,  ,        .          .     绠  ,   ,         ,   . ,      (      ,   ),               ,   .  ,     ,                 ,      . ,    ,   , ,     ,  ,     ,            .      ,      .

   ,    , ,   ,        ,     .              ,    .         ,   ,       ,  .              ,    (..         )  / .

,       ,  ,          ,    .             ,                .         ,    / ,         [23 -       ,      .].     -          ,      .

 ,     ,     .    ,    ,  .        [   ],  .        , ..    ,        ,   ,        ,  ,        .     ,     (   [ ]  -,     18161818.      1819.),        .       :      ,        .        ,           .         ,        .       ,    ,        .  ,      ,  ,      ,         ,    .  ,      ,        ,  ,  .  ,     .

 , ,             , , ,   ,       ?     ,        . - [  ],      ,   ,        ,      .       ,    ,   .  -      ,            ,   .            -     ,   . ,    ,        ,   ,     ,   ,  , . ,           ,    .  ,      . ,     ,     ,  ,           .

,      ,    :               ,   ,  ,         ,         ,     ,           [24 -         ,         .      ,         (       ).   ,           ,             (, ,    ,     ).  ,            ,     .].

          ?    ,  ,    ,    ,                .         ,         .      ,     ,       , ..       ,     .        , ..       ( ,    ),      ,    -     .        ,    [    . ] ,       ,   .           ,        , , ,         .           ,     ,      .

           ,       (   ),       ,         ,         .             ,        .          ,      .        ()    ,        ,   .          ,         ,     .    ,     .




1.4.   :   


       .       ,   . ,      (  ).             ,      .        . ,      .              [25 -  ,             ,                  .      ,  ,     ,    ,         ,     .  , ,   ,      ,     .].                ,         .       -    .  ,                   ,      [26 -    ,          (      ,       ),       . ,      .        ,      ,      ,    .  ,         ,     .    :         , ..       ,    ,   ,      ,    ,            ,     . <>    [  ]  ,      ,   []    (Frank D. Graham, Partial Reserve Money and the 100% Proposal, American Economic Review [September, 1936]: 436).]. ,    - ,        ,   - ,     ,   .

          .          . -, ,  -      ,            ,   ,   . -,             () ,       (..      ). -,            ,       .

                  .         ,  .   -,  ,  ,          ,            , ,  ,          .    .        ,      .

,             ,   (hoarding).  ,        .           :  A ,   B      , ,    A,   B. ,   ,       ,      ,   ,  . -,    ,        ,   ,   ,  ,  ,             .          ?        ,         ,     ,          ,          .  , ,    ,             .




  .


   .

   ,     (https://www.litres.ru/murrey-rotbard/velikaya-depressiya-v-amerike/)  .

      Visa, MasterCard, Maestro,    ,   ,     ,  PayPal, WebMoney, ., QIWI ,       .



notes








1


 18731879.    . -,    ,  -,         ,    ,      ,    .      .: O. Wells, The Depression of 18731879, Agricultural History 11 (1937): 240.




2


            19291933.,         ,     .




3


  ( . causa  ) ,     -  ,     ,      ,   (   ),     (      , ..       -   ). . . .




4


,           .




5


.:  . .  :    . : , 2005;  .   . : , 2012;    . ,     . : , 2008;  .   . : , 2007. . :  .   . : , 2005;  .     . .: , 2012. . . .




6


        ,     ,         ,    .            .




7


 ,  ,    .           : Murray N. Rothbard, In Defense of Extreme APriorism, Southern Economic Journal (January, 1957): 214220; idem, Praxeology: Reply to Mr. Schuller, American Economic Review (December, 1951): 943946; idem, Toward A Reconstruction of Utility and Welfare Economics, in Mary Sennholz, ed., On Freedom and Free Enterprise (Princeton, N.J.: D. Van Nostrand, 1956), pp. 224262.      : Ludwig von Mises, Human Action (New Haven, Conn.: Yale University Press, 1949); Mises, Theory and History (New Haven, Conn.: Yale University Press, 1957); F.A. Hayek, The Counterrevolution of Science (Glencoe, Ill.: The Free Press, 1952); Lionel Robbins, The Nature and Significance of Economic Science (London: Macmillan, 1935), Mises, Epistemological Problems of Economics (Princeton, N.J.: D. Van Nostrand, 1960); Mises, The Ultimate Foundation of Economic Science (Princeton, N.J.: D. Van Nostrand, 1962). [ . .  :    . : , 2005.  .   :  - . : , 2007;  .    . : , 2013;  .    . : , 2013.]




8


,    ,       ,   ,       ,         ,    ,         ,       .    ,         .




9


 -  ,   1929.,  : Lionel Robbins, The Great Depression (New York: Macmillan, 1934),        . . : C. A. Phillips, T. F. McManus, R. W. Nelson, Banking and the Business Cycle (New York: Macmillan, 1937)  Benjamin M. Anderson, Economics and the Public Welfare (New York: D. Van Nostrand, 1949),      ,        XX.   ,      (Thomas Wilson, Fluctuations in Income and Employment [3rd ed., New York: Pitman, 1948])        .        ,     : John K. Galbraith, The Great Crash, 1929 (Boston: Houghton Mifflin, 1955 [ . .   1929 . : , 2009]).        ,   ,     .    ,        ,         1930- .         : O. K. Burrell, The Coming Crisis in External Convertibility in U.S. Gold, Commercial and Financial Chronicle (April 23, 1959): 5, 5253.




10


   ,    (Rentenmark),     ,    15  1923.         19221923.   (Deutsche Mark).         1    1  (10  12- )  .         1   = 4,2  .       ,  30  1924.   ,      ,   ,               (    1948.). . . .




11


  , ,                  1970- . . . .




12


        .         ,     ,      .




13


     , ,     ,     . .: Haberler, Gottfried, Prosperity and Depression (2nd ed., Geneva, Switzerland: Ligue of Nations, 1939) ( .   . : , 2005).




14


F.A. Harper, Why Wages Rise (Irvington-on-Hudson, N.Y.: Foundation for Economic Education, 1957), pp. 118119.




15


           .  , ,    ,    .       ,  , -,     , -,   -,  - ,       (                  /      ? ,      , ,             ,        . . . .




16


.:  . .  :    . : , 2005. . 385, 390, 402403. Rothbard, Murray. Man, Economy and State. (3rd ed., Scholars Edition, Auburn, Alabama: Ludwig von Mises Institute, 2004), pp. 756762. . . .




17


.:  . . .




18


       (Budge, Siegfried, Grundztige der Theoretische Nationalokonomie [Jena, 1925]):     []      ,      ,       ,  . <>    ,    ,            ,           (. : Kuznets, Simon S. Monetary Business Cycle Theory in Germany, Journal of Political Economy [April, 1930]: 127128).           ,    -       .




19


    pure   pure interest rate    , ,    ,      ..  .                    ,           ,   ,  ( ,  ,     ..). . . .




20


     ,      ,     : Mises, Ludwig von, Human Action (New Haven, Conn.: Yale University Press, 1949) ( . .  . : , 2005; . :  .   . : , 2012),   : Fetter, Frank A. Economic Principles (New York: Century, 1975)    Interest Theories Old and New, American Economic Review (March, 194, pp. 6892).




21


         ,     ,           . .       .




22


           .: Hayek, Prices and Production (2nd ed., London: Routledge and Kegan Paul, 1935); Mises, Human Action; Eugen von Bohm-Bawerk, Positive Theory of Capital, in Capital and Interest (South Holland, Ill.: Libertarian Press, 1959), vol. 2. (. .:  .   . : , 2007;  . .  . : , 2005; - .    // - .   . . 23. : , 2010. . 31572.)




23


      ,      .




24


        ,         .      ,         (       ).   ,           ,             (, ,    ,     ).  ,            ,     .




25


 ,             ,                  .      ,  ,     ,    ,         ,     .  , ,   ,      ,     .




26


   ,          (      ,       ),       . ,      .        ,      ,      ,    .  ,         ,     .    :         , ..       ,    ,   ,      ,    ,            ,     . <>    [  ]  ,      ,   []    (Frank D. Graham, Partial Reserve Money and the 100% Proposal, American Economic Review [September, 1936]: 436).


