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On the one hand the 'socialization of investment' was a proposal to increase State involvement in economic management with the objective of increasing the expected return (the marginal efficiency of capital) and reducing the risk on private real investment to 'crowd-in' private-sector investment.
The money market is the key independent 'market' determining the rate of interest to which the marginal efficiency of capital adjusts.
The distinction between i and r is therefore central to the principle of effective demand and to Keynes's view of the trade cycle, which he attributed largely to fluctuations in r (the marginal efficiency of capital) relative to the rate of interest.9 In contrast, the loanable-funds theory postulates that the demand of and supply for money loans is brought into equilibrium, in a perfectly competitive market, such that the rate of inter- est is always equal to the unique natural rate as postulated by Wicksell or Keynes in the Treatise.
Taken together, these proposals lift the return and reduce the risk to private capital, thereby reducing the volatility of the business cycle, which is driven largely by fluctuations in the marginal efficiency of capital.
This result follows from the absence of the principle of effective demand, that is, the absence of a distinction between the rate of interest and the marginal efficiency of capital (mec).
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