Re: US Trade Deficit As 'World Engine Of Growth'?

[Gunnar Tómasson <gunnar.tomasson@xxxxxxxxxxx>]

Paul:

Re. the following:

>Third.  And what is this SOMETHING?  To the best of my knowledge, Samuelson
>has NEVER answered that question - of which Schumpeter wrote as follows in
>Preface to the 1934 English translation of his _Theory Of Economic
>Development_:
>
>"I have not been able to convince myself, for example, that such questions
>as the source of interest [on Production Credit  alias Entrepreneurial
>Profit - insert GT] are either unimportant or uninteresting.  They could be
>made so, at all events, only by the fault of the author." (Oxford
University
>Press, 1961, p. x)
>
>

Well Keynes told you that the source of interest was when a saver departed
with liquidity.


Comment:

This does NOT explain "the source of interest [on Production Credit alias
Entrepreneurial Profit]..." - as in WHERE does it come from?

For the "liquidity" of which Keynes was talking - "the rate of interest at
any time, being the reward for parting with liquidity," (Ch. 13) - is NOT
synonymous with Entrepreneurial Profit.

Gunnar








----- Original Message -----
From: "pdavidso" <pdavidso@xxxxxxx>
To: "Gunnar Tómasson" <gunnar.tomasson@xxxxxxxxxxx>
Cc: <pkt@xxxxxxxxxxxxxxxx>
Sent: Sunday, September 28, 2003 11:45 AM
Subject: RE: US Trade Deficit As 'World Engine Of Growth'?