I argued in a piece in the Scottish Journal a couple of years
>ago that there is something to be said for a position intermediate
>between the standard Fisher effect (which is typically retailed
>uncritically in the macro texts) and the post-Keynesian rejection:
>a relatively indirect and partial "Fisher effect" that emerges if
>one focuses not just on the bonds/money margin but also the bonds/
>real capital margin.
>
>Allin.
>
Paul C
------
Which class of agents makes this choice?
It can surely only be a subset of the holders of bonds, those
industrial companies that could hold either bonds or real means
of production. In this case, the transfer would surely not just
be between bonds and constant capital, but between (bonds+bank deposits)
and constant capital.
Paul Cockshott
wpc@cs.strath.ac.uk
http://www.cs.strath.ac.uk/CS/Biog/wpc/index.html