이자율 결정론에 대한 Austrian적 접근

The Austrian approach to the Theory of Interest Rate

This study attempts to reevaluate the Austrian approach to the determination of interest rate, which fall into the oblivion since the neoclassical theory took the place of the mainstream economic theory. The significance of the rate of interest, I.e. its explanation and determination, still gives rise to disagreement even among mainstream economists. For these reasons attentions are also paid particularly to those of Knut Wicksell and John Maynard Keynes for the purpose of comparison. The raison d’ê tre of interest rate is closely related with time. The Austrians therefore regard the preference of time in the allocating resources the sole factor determining the sole factor determining the rate of interest (seen first by Eugen v. Böhm-Bawerk). However, it took long for the importance of time preference in the determination of interest rate to be realised in economics. This study has shown that fallacies have frequently committed in the analyses concerning the interest rate. Even by Wicksell the importance of time preference is neglected in his definition of natural rate of interest and also by Keynes it is even ignored in his famouse genaral theory of interest rate. When Wicksell defines the marginal productivity of capital as the determinant of interest rate, he simply overlooked that its manitude is just determined by the time preference. In his short-run static model, Keynes argued, that the interest rates are determined not by the real, but only by money variables(LM). Keynes’s interest rate is in fact nothing but a loan rate of interest. He disregared the fact that this loan rate reflects the real rate. Therefore, Keynes’ interest rate is a purely monetary phenomenon, in which the time has no meanings.