In the case of an ordinary commodity, the inelasticity of the demand for liquid stocks of it would enable small changes on the demand side to bring its rate of interest up or down with a rush, whilst the elasticity of its supply would also tend to prevent a high premium on spot over forward delivery. Thus with other commodities left to themselves, natural forces, i.e. the ordinary tory burch sale outlet forces of the market, would tend to bring their rate of interest down until the emergence of full employment had brought about for commodities generally the inelasticity of supply which we have postulated as a normal characteristic of money.

Thus in the absence of money and in the absence we must, of course, also suppose of any other commodity with the assumed characteristics of money, the rates of interest would only reach equilibrium when there is full tory burch booties employment. Unemployment develops, that is to say, because people want the moon; men cannot be employed when the object of desire i.e. money is something which cannot be produced and the demand for which cannot be readily choked off. There is no remedy but to persuade the public that green cheese is practically the same thing and to have a green cheese factory i.e. a central bank under public control.

It is interesting to notice that the characteristic which has been traditionally supposed to render gold especially suitable for use as the standard of value, namely, its inelasticity of supply, turns out to be precisely tory burch handbags on sale the characteristic which is at the bottom of the trouble. Our conclusion can be stated in the most general form taking the propensity to consume as given as follows. No further increase in the rate of investment is possible when the greatest amongst the ownrates of owninterest of all available assets is equal to the greatest amongst the marginal efficiencies of all assets, measured in terms of the asset whose ownrate of owninterest is greatest.