Choanieal Thory for Y yipewe duftrunation of sheus and employees: Yht chonnieal eeonoatia Letiere that tk @ coup etetive capitalist acomeny there udata on) aubtatic mechani * wus brings ahouk full, tuploymert oF Lesbo . Thin aust srl wechanoms Sixowwner Teyadbucdiendas pogisae Mg! ode then cand tuploguient ck ML alaaatead Medel eb” Hh eee a divided Mo four , Marketa: he Labour warktt, Hla Moy. Market | £ht wonuedily and UE bend, However foUlawihg Wares! Low, the cape dal market taneket- G dropped ord equtlibrivir condshone ak, thre markets ‘ fen, qomideeads 9h seach market, tare’) Hata OM dauond fare uilibeian condition 38) thes are on Aupply. turcton: aad one eg) way, He “eloseleal.. modal. con) be: reproened: wilh He Mae: vf .certais!, equation + ny a eke ober To 4hhe Wee fivobieomidee fhe tabour market ob dt teoneay St ie canmemed thad Hare, vexintn an aggro production fureton, which akotta; thot Ait. Luv of output, da a furction of) the bare ehiempley neat , geen Akt wepttolintode a) july aT sv oliovib Yor OOM Ke). ho joy Where a, oud pub, Node, ngtoyent and Ko ME giver, tock of capital. We. conus Hat He Margedal produchivily.ef. dobour sis prottiee bubs, dine ooking’ ob! dkl- tholane Ob explley musa Rertatiy ie. d¥ 50 av ad 4Y <6. Th requll, ay 7 Me og ares Production function G upward rining Gut coneave fom feotns,| | a perfect competition | tabour Markit and pibepremun ty G iy tl We onmunt that dere be ae pee saps nT iniat pro) Tobak profile WCU ta Mast uuacd ‘pa REALE | Wheres dhe: value} Ae Mak ginal Productivity On: ‘iy lobour Td reqelol H8° Hrsmonluyo wigs mabe Th profak Mamtulaing esnditen can de written ae Wak. oy pihee Ww a) the “Monty Wage Koti and Peis “athe price evel. “Or; iW > ay oeuy, ieee real wage “Far aheild ty yuo he ur | Hargikal plysteat. preduckwilG) of Labour. Sf we Plt Ha etat wage crate: on He, verheot quu aad AE Ab oh Rte OK the, hori zontal ania AN pp AS labour i itume wilt be Pabour hdeuard steve. 34 ik wil give ue Hu) euounh the Labour | dy dadid oF, 8 differest wage rok An the Fol wageripate decreoan,: th “daands dors Labeur ukerenrin ands we Veron. i Comiden iaow yak pupply aide of oti < Lets Markebs gh ol thot money! wag ved pied ‘osndmid Ore pteb eed. fF Uaibke bottle &. upward and ae ta down ward “dfreHor- The AUppey ot Labour! te iy orounad’” Bie a funchon “ob ake real! diye? rai Auk haben eS Feats Wage’ pati? pupply of ach creas tds AKT) ya) Lokour, \terecises , php vou weed Uenakealytoseur. aupp lyric axiebe 4 wratten on PN x be OedN >.0., Tha Ne NCW/P) 1... Gj auch that iw] ) we Labour marktt we geb UT dobtnwing fared equation — Ww ¥? &(N,K.) wares wb an ne NOW/E) From thee three equak omy we Can, aolve Lite unkneens YN, Wp, ee Mv of adeiue , U7, toed of employ eer aad reel wagt rote can Me phewn and know nek UE above 3 equation... This to ahown ak UKE following figure — vat Frew | oe i peste gosar yeaa vs ' Lee piN(WAB) pie ue r LOH ott sical oH “4 a Man ota AR eee Benni 96l) tee Yke equi by tun: level of) emploguasr DONE 501 Inbiem wage rol & LW/P)s, td, Ul. equi brian the eg LOM: Wiportast characheriafic A Lived of output & Yg ths eel tha ihe db ta full, empboy mest ew labaiun 2 Ad) pM. real, wage, jrati; (W/P)s » hae, whe ard jul Ung te werk: are, galing jolts Thus full Uuipteynunt, eyui ibrdum ol, LEE only, poaak bt, Uy Ub rien HRA chowalcol imodel, Sp) aT real wage ral greater Has ()y $ dabour matty wih be ighealaESSE = oh Bs Han” Jobdur divard’ dh UTS peal wage role aa WNUployuuea wil pruail. Tha tno probl & tir Uawnteal odtt whine oti wage ar Psd bte, pu foul Long he tn uneuplogntnd , weary wager wi U f Latause of eoupetition auotg Lalourtra, Aa mony Wagus Fal, He uplegaent pf Lobour Demis bore Vprofitalu . Mert” Lobour & demorded abd wore Cuploynent dake plate Ae a i ruwh , UE 2up phy 4 opurpub ckerepste .. fe aba eomtdee now KE Teguation . of Monty marth. Sk te omy market, We gut ott dimard and nupply curve and ott equilibrium condition. elit ani ead Leohonintn yeregained the transaction precautionary demand for money. The dimand for woney G tere fore dependent on tle Lie of ikeoms otly cad aot on He yoke of catered. Apounst ag, the deuad for deuad for menty tomdont, Ma = kPy 7 Md > demand vpria Abel p¥) 2 Real eutpub. sol for -simauy 5! 7 puppy aides AM” nuppdy of: Wbaty to comtant ab Ha kwh Mey it. My = Mo. fqurb buch Pagosa Nd MS Te co uiditeiun: tendon oak de ' e ta Mo ek Fy Monty Markeh jt, Prom» nqwer ox igh oe, age i obec add! KMoue AR requ bed uae Volar oop. tf P, Shite know Pay wel’ can! eonily dater nares wis Thus), the money Wage Fort. can gbeo determing. hy SeBe mpl Modal gy, 0 tomiata AG duttraiaation yale TH Ob iteab a, gs ot Fai aa: Ff the wt phould comPder LAT pond markehl hs IRE Uiphonyy St oto we \ Doruned) 1h inp meathod Ob. thin MuetY. thak ekadeneriiee mani Jed and whaler! ia Lorrowed, do divas bud « Wousslatds, aoe and we ANT naringe 1 purchowt. Ur honda. coms Ay Heme « free fina dro aivatnenl Gy. julie bende Ae fourth Thun nowhg & eed with La agit fords ow eobei hash) cpa tdowiek ae aap 4 bordr Shier WT well at opgterub) Gb gurerwtud ah, dastand far oboe Rd UT ppp ap oat Loom, £428.» cola” Aono huld Yeung? eva ap Atnkerak daberaisation + fe rel bh iMetub Gg. Witenes Laiegualill Mt, pavingiond “chvutmead. “Attuned tel ,.aaniegius o function a Hie yratey op kbeveb nacht that oons, Ug wel pe} sbterer ¥ sRertastsnavinget alee. iRereOsts os te Soai$ (Te ie (5) asteh Hots! (0) yo. Ob obo. asnunadeithatcakvet mesh BH aS fuacionvop At voli op tideeuh futh phat, oAale, ef ux Lestat siaeiertanes AGE ent devreaate ell cect a Ts Lily). -1 6 aah tat rip | Ryut A brain, Ragneltes RA ity | $d wel ae waiWitte shal note on Sopa Low) Sou'o Louw io arsodated with Ha Maat +f hat an UE Prach: ceenouthy Bday dt a eaually Opp C2 . ‘ that uk an | Dupply evtate. The ow_ duaand "The “Mba Leng with lg period of time, AT total supply of | QM touupdifiee aunt le Lyual to UG total dimand forall couneditiee Tare cainet Lx any geciral ever: Production. pay sud 3 can he tantly zien that aia: barter tenon), Lay's Lew obisoys Ketde. dha (barker seneiuy people) 5, txekarge goede aganst goods: Whutrer os on dividual to Aimaeding & porhiutarcounadity, Wb, .ed UE aa Hee, aupplyiig another commpdil Thus, every act Hf duerd 1b oheays -aspouabtd Wi on act oy} up ply. Manu, Oggregall oemand ‘Wank le eyunt: ts aggryat supply. WhaF Soy'a Low . whiplite & that wheaurer aug aucunt ¢ output 4s produced MH erates ai auount of avweme, ThE Kerase & output wit weal up own demand WN “Mente Hat ine kenga thu i Uaeuploeymeat uoney wage Will fall ved caiploy ment and oudput will itivede Tere con bine bua | Ang on aujideu, Hf aqgregali! “duutds unde 2 | eepley meat equi Ubrimn gle’ to dafiveny of | tffedive devard 4 ot pooathte & o world OF Say'a Law - ful euployment nuk tu auton cally aulaivust= 2 wor th eonetul 7 qh oof WT dasrieal model of, skenue aad tupley aunt, TH luo would be hue , for ak tee noruy using Maney che FMAM OMY madd op txchang, and beflan'g Hard gy ney NY weed on etiam map exchange , pple pia wey oy To Moke Frawaclfoun. Such ot teonony insider Harter ttorouy Mueaust) rahonal dFul duels will pot bold idle mony. Rect ly , Prof. Lange han rerbatea Say! baw of parkite . New, eonTder ch Ceonmuy whee Lure art ‘n! eonuodii ont ot which (nay the ath) ob ackeg ar AT pubes 4 ROI Bk ak exchange Cenmony, Urey NEM, an itdtufdual who danasds conuoditin givu up ar equal vol of the madun o txeLouge . On Li otter hard, an afdivfdual whe supplie a eonusdily rider ox tquct value + A pedir of enekangt- Then faking money alo co a wnnadly cad puuning up over all stems dumanded cud nupplitd Keludtig ony os idashcally equal GE Rotel value of tonmoditits dunardiag ai dluduag Monty jhis ts cold Wolrus aw. Jt only saiptiu thot when kon ach ely oe o medine of exchange ,UT total valu of all guode duuanded Keluiig stoty tdantfeally 2qual f Is total valu e+ all good» aupplid eluding Moku. 3¢ py deastu UT ria of UF conned] ,SDe dunoben OUT) datand for AG Photomed ost SP inches ut puppy of OF TK conmedily Mm Walrus tows vean) be atafid an — % . Sores tel clewtoghvtbit Lana: wes hecivalt PF opeby 2 Pp S¢ “an (ne) martes : pltan 2d As oy t ay Whig wa trawl £ 3 Han por uM pa y e ww pyesotas spapdoia ap ab. 2psedoxs fe Morass 4 ty it ehanaadh down tba a0 ne a a , v SPADA £9 aide i Wau fdas 4 eihgque ody deabiuth sa Js dont .Spaodeny $s staan | DL 4 44 uh ow qu pala 4 Wah ane * A i i Jypr yallee nad prro ptthubar daiqque be av 7 4 pa tbsnuab as fe te i ph 5 bahisoeAn ut Fisher's gua QUANTITY THEORY oF Money — Me Atead out ary 5 tate Motte z etl buen Wa Me era utes wovey were developed eattury, However, ity ai aeidig , bro fotnulaliers 4 Westy tury that Lave oat Taf tured Fas are. Fiala’, “ue q Lin's kranoctfons veraton aad Coubetdge Cask Latorte vernvey developed by Mavala oad figou. On “ur most rigid ° gd Fem thee ecaisity cntisey atu) isi vepor tion ality bet “gy aA kava ot Prep y SPweex Fhe quaatil? of money a ¥ Tur, However, i a + pr HER ARE dua rtgitd form tt oly stated, Poin tai that © rhtg furciton Of OM. On tha feru, Ha quantity of tleary of motey requitts thet P= kM, whee Kin a tonbant oh proportfonalll. bub Zh Pha Leas afgid feru, @h iy assumed that =P ay hot be Propertiosal to M St fe only required tlat Pig eta funetvon oOM. Thus, Pos f(m) Where the fused ton 2s ruck that f/(M) yo. This means that as M. facta ass, P aloo frerease, [™ quantity Heery hall verston rete on dentrnctPon bet wie the nemleal «= quaatil? 0 uoney and the = real «= quantity mF Monty, The Aoateal quantity of sensy in th quottily oxpremad dh teu of mow tary wait ef Merey in the qua Hl Whreas freak quant expres td fe eruy of volume of goods and nervite, Tha Teal guaatilg of Morty 4% — qausvally = cqltutatad ty dividttg tle nouutent quasrtily of money by fe pri Laval, The quastisg theery tatu Ct for graited = tlat what uituatety , motters fe lotdara of money do He reat quaiklg rath, tlan the he wal quanti lj of Metty they hola ard that there da some fofrty dafte real quailty of Lisxey that — paople wink 0 hetd urdir ory qatven cht cumstances.ce Gobet EC Fiauivla — agpasech “te *"#' quoifil on ta following anata pons — i) The veloilip of dr utatron et Money couto: i) Tere in always ful ampteyuert of 14 weed | Mosey Aupply in autonoueusly ghver- | he Sy) Morey és uted ae ta HE exaange: [PP aaa verre MoM lold uoaty ondy fo Aperd ok goods fn wot used ae @ tore of value a ae By dl vooety of rudation, we Me fe average tunbar of Hun a att of = Moka to used Hare are pute trawsatttons during 9 perfod of 14ut- oF as j joo uate of eney ck ak ctmuengy ad SE oa fourd flat af a yaor, ttatmactons worthepke. 520 ke flat on tHe averages bus autthed , tan ft fa obvious the | tot ust of money has bun weed 5 Kae, THE of caustatvon of — Monee flee. Oe Finke's | futttutionally © voto aratyain, oF fa aspuued that veloulg ok geen tautart Mereover, tt ofa ansumek Flot the supply outpat CA coup Aately Preto: dus to the usu upton 4 pp fut tuployueat (9F in obo cmsuusd that te honthamy outhorflg — daterwfnes #4 quaihty Of monty Pada cadeutly.) fine atorts frou ab PdeatitG whtel atatis that gis warty pata ty all hayes tn equal fe He uuotey reueved by Qe aalera. (We kiow that, every peywest wade by ttonowe unit ih at Reekowy to adanthar con bt regarded as He product ef a priet aid a quent itg,) Suppone that duri’kg 8 perfod SF tue, thane ‘Wo oframactom (7) osscurated with price (Pi) where an OW Te represen ta vole of te HL trons cHfaneo Wu ial oud Py de aE pee pee wat oh au voluua op mu pote vals Of Hi tsectfon in than equal atk cel ae We os, LZ PLT: rere me _ ek average ot yy, puttably chosen aggregrate of quaat ™ i entities. we 4 pa PT = " rory cPT 2 etal vel of remark, wu . , re Po vepreseata He avttage pie leval oid T Feprtoeate te fota voluue oF from actous Te fetal val of tramach auatt om st Cat aloo bt comfdered oy the uedfuw of exehaige used to effectual effectual tay mM be the totot warty ° . . ¥ yo ef Money gi Aa Ueekouy ond yo be Ha avttage MAM MET of Miia talk cage of of money ta Ufeduatt Liemacton, durfig 8 puted. we ty yw Wx ustd 7 Lave detol value of Ftamadtom 2Mv, Sia seth PT aca . then Y uz the al 2 My veprese! fot volur of tramattou , key husk be equal bY dufeathes jhe. PT EMV. Howaver, Premy, & fatty which fe alwogs dra ty aultattien. dy abl vadiies of tly reltroat odually ak ot ia aaa fitd variak dua. Trereferts thin fdent lg comet 2* used te detent He with Hu afd. (of 3 hypethuews about prise Laval. Homerery pusoute beharPour fF ca be qurd fate a theery ahs duterufration of Ha peia | Levels a dintd tub Fle total aupply ef money So wot mee two parte: Curnerey cH and hotk dapoalt cw!) oF ve vepresents the velocity of = bank dapoaita , fan we ge St new we anu, that T‘ t e ord Ve ve wenn eeutant ont mo ora charge , * = P ht some proportion, ther agash we fied Rho . ° . od oM charge gk fle Ame Proportion G@ whtekh chonged, THis giver te quastity tuary re wt]et aulmake futt ombh ment pede cCunnital E caloinalte Ruth oonblegmenh eet. Spar gyston fm og * wo rohit i tr er alossicar agsten, beeen Sy i ° fof feo verwiabiia eqaitibatem softs Sra Nb | Ya Ny Wand’ p. eyeapertioedy » ie ak tus 2quidhosiur | Js abonys o fas smb doporant SU sete ™ ¥ - saath peau aeia # } Compete jen bist ey Oh tanber lant deneluve, However, SE 7 eae erbe, fuk she nbectessiet | abi * Se em t_ eon fay nl 55 Nee equisibetacn In s aciates nao ab oqul! Qiesium « oa produce eden ep larorant eqatiatums Fk Ww see ky mt. a e consider cx yaad HAGE Bephsse 3 rroke Moy SH, oh te veoh wog e TS Be yes sebpayet # Fe” Fy; Deboww TNs ord ‘Sword dev fakeur 8 Computoyrms wt tee) Prem &. webct) is Yes Ne Tt Cowes pondifayy weal Ta dat price Bevel 1s Pa andl’ dat mone wege rte TS we ger tak ake Monee tea ome Tele ite, D) tate Grab ences Supply et tabour Notts cohich dmotes tus ” tahenk of. " ein ample geen, TIS OS & ‘atealien of db- exudaimniom in be Sabour } ren fact Ceena) soe compete Hheniviahly of by omeney wmps | aske Prlue System, MH wiAt Soham thal omrney wage> in bein be dal ecuune Aik, tadhrget combubien omens fos erent teyreietr ‘Beteos. As a TeAUth dos qeat HyeTek OL alse RUG be demand dev Saboerr um tel PRw enor, fr fA spooccens oi Continue Wl We + Se } y tucpsst fen e¢-y Tq sem ebed Yeatt comp beg mie Tsie.get he t qe trleynrenh peat tran) oad, coe be t omg wo lontasa bem, Yells rie des fe pete fewete dette den fe on we pales uy er wy due bl in hus anor ster Gegic at dun CChatical o* n Seek ASU peepatira bof ers gole Se hab de et weas_ natenecrgeta tag ercblnyomsn Wap cee Matigrions wmprinr oof Serbiete 7 Breer are Prien, Flt am Catty seblievrd fi ke ogy tend Lai rei b any beatin BL lreCiy opt dutclee be At eyudttartiur india Ghasairat Systems ( ww nbtivemce Ot Se, iS Fos etonekels der hes Claweent System bas = ome Velevent Turstinn duck Srey be waited hoy + Im Camnection toile atderralic fast oom bh fey mand iy tg Claateat System Tx tehar he a anhley onan Stthetluntan prokiting, oe enuleia ako er SBI Simons fey_emttal me squat to tu wy ob tee fue sirpSepmant Sveh. T) onauns Kap S14 i ovine fo tue Tn tee oak pat ore be rant oak TS wee tan Prodi ino Ckaaricacd Sy shen, Sab on Tre Wh OF iM balun | VS Bin fas Sy way sf Ue stapes Ava h_© Wade cect bag heyy Says Sauy- ot SM phe oy celestieg “nem Lusi ans wera 2h bab bat Sowa hgZe Bay's Law Sky Se Commedih o5 feowlol alurrtys be inkenvcatty aa SRS Be Sasotty saat Eis Sig a Binerd fn = fem, . THR Fy ge SF ORR Ta Come fer duo chaasrea tystim « Se eer Conolitsten’ (Ps) dak sso Song an dor Seys Baus org rere Kath? dew fue RoasTcal system, duWemb | ‘ TRSE bE thei. posdlaring « Aeeurdirgdy, des system * esha ere pla Su may te omen,feo Boy's Lae tenntal atmomiy 4 iy Gok fttin } : Tnbe due Rei’ “ak deecetae of onthats ™ SE mail aneame. fra tee cfaastreh Boncbiistar qa drab do Snq.an te sen oot Ane dea fee efmasicat ayttons dae ae C egnhem | hecordrrg 4, SRune Se Gomnine fedating Poiltemake full enh re ara sae 3 Pave OF clichs boon, fur co flassicat i) rl ‘in al kee Coyasitat siystee Vy enc Tanbewlent “henley Ask SF compcetety erste eminent « “adhe OF eoaiar) foe cB ent vonicia See im fat system ore 7H S Ferment fy Aye Selamat: Smstead, dong OF determined § - Le dicho toms a ed system Toxes ft cctcobmeud ty evi arate | tn he ' = é ef ShnK bales (Come = OF Dele.” Wonca: Haky 16 I wast Seeley ond sretbowyy Sete anol, turwebnes ime Dink hefoere Gemand siete ome 1_aepbsy ¥ oe tne econ my, oem tie ‘the _ west vaaiob ter ore deter MAA enckasivels bo fon BES " yenTaibtis ae ; Soak Seater ‘od ke catalan nk Bolcumined say by be anenikensy BET canst «ice ardeckt Dhoni tenes 29 hie procéas op. Geter og. mmacae warrants Hg CDaastad aystert Ss eat ékekL wo anooneers divs Fndafed® Mee ~ eae compte cCeasicat angel Com at CSaseial dickelonny . pe poasend acl ably bi of. Agee amaetths — Joba make t “rman kit ore! tang oF (bon'cLovaneak bevy % cenredhy otimtrated caphicte ctqssicar arodit” Bg obese ed gf Hex bo LUrsiry maipatfin s = i Be FAVS MOD Re, aH +--+ Gy Slane y tony é # ecm Sh gatas La, Werner baxMe A mex try @: ie ‘y,t)n ond? Teen to habe ad fees a eseltn Vo beaye en kerenty Lever 06 Set Sytem 13 chlo ease « Hoes nr mine ba fe Master 6 fie composer tes © ty Ts chee cup cliche tomy py-coonl- pater ore , tho crndiches to Ae Bevel Oia Danae att Cone: ee labs arom nthe + 1 mre hart bee -ezpettent exyations OwreO~ fon ge lve dey dure Jabeerr mone ue Sy Qeber ent? bun 4 an : sane! N quite jnge pardbat HO Tene, tHe fasts Keck: bee cman dnt ee Nseth in He elo tent 3ytmm eral cu pek 09) OS execbun ery ele Se dur Pobesers ar este ayer ok aayg -Semends Aegeer oe ‘ ‘ ' geen. Comma. fo dee oe 5 men R- OUR BES faah. guts om “aqpallen — . equation @. 7 PR mE Oh PESO! MZ Commodity men ker traete atrine| TE LSTS dekamires! es Eee tino aking a fal ectomy rally, deb 0? agen be ongnstores| Sects Gaatey SPC ee hit rw mene) “haa which Oth eae See wa on Chie axqwattin @-< qmea kebbacte [ab bas Scone + Htewee Hroern fure lS one oa 6.6 Ga Giulbium pl abot Ad (i _ 3 atk ther. tine Oto & the Oguclincume Covel ur. cotndomny cere Hoe FELL deat en oe me = __ st * Aesed Ceomomy we the Gouwmment & In sare of clered stero- mit my SA Y well me prestuce_<¢ uae Seder, Che app icpak. Kpeuditute wf cgpupate Husrud qk dacluclr gout e. ban. 7 Vouyer i L eynai Ee neat “egprg STNG + Sha eg, % _ppllenreag Pep fkarenpmcier fuerets ate OY he he egecetettal ol MCCA dheres The ng ad teint et Gf _¢ SUP _eapi i weeny!) fo, tecuiaat tn tate Spee Senet” sit tion Maks plaoe. Ce zany OU. see wl deals de Aaweg acd la come —Panacles oy Tiréfe.) a he Parador %, ee “Shinto a Le Ciplaiuad wikk e Yep | 9 5 Keuttin : cence MPL (P ae < path. Yer Smee 5 Aetiac _sgppaee lee, Oga Oud 4 sae @ naulig es lan __ Conaecter Stings: jb OK ea—_proncen___ PAGENS” 1 pare Sy eee SS re ed en = _ Ads “-1' dee dé x an - Sime, 1 30, and (I vo de : 2. Srenceat om MPS wid bade le jai aK fe 1 tggtipatt _cauings. Sn fallowrug pegene, we wll hous hak © canug cue ahipid Lewis Lfk frm So 45 SS, Aecluce, . 1 SA thu cae broth tucoone. and _aggregade cneing |o write : o's WPF Ay, sepetl i wodily . Sa the Lue aatuuodl dil & ‘ual b ae guaatieg oY A Mr eid UC ggorertad® wle teh, cat get u- flu ): dare Ul dely frelon th male tae FOE ley ea A We “em . we teas sat be fa the 0 cgnunl - ut nese ak frases, 4, = ah , wid %H AH A ay the jnckgotutet uartetiles tiv te at feurtons age ft pues y the td comrocl Ws ant HC dieemne gf a Conuicenets * ng tee Hat tit vatgtelade te welts Sac tee at “lia” ely foe Uae HAY ? “Con Le tance, or Us £ fs, (brothas Hn. Yi byl sania “ele Me While fee ds ide a fa ihe. om oe ae cia ae fe eeu Hed deer rz te aul be tin egme Gite Sali A and Mile, %y acl 4, as “hhe. wile. BA, aid yor saiialle aud Let” Ge tht. de ohtneck wae bp fuse tel coating ie baa) tal et tah la, Prbtilen. th at Pith te ae oe aya pa (hes boyd ae : Poe: A te eae i 1 bg.a. randmigatin, yet, pleat Sl St Veayuiane ; Sue oy 7 SS . oh, 14g, = 0 af tl st S , 6 ou 4, cv $AG eo aie se = = Guy éy oY ae sy 0 ond St —— (3) a | —~Mr, ; | | | am we get OU? 4 BUS, <0 Sh, éy a bur /S4r és) . . , i du"/sy has ia baci or Rey's Sdecllp . Yai iclealily eval the ws le fork the edinary Ah cunue for &, dudlbork utelily faut» Sivee 0% a 0, func. of bpp, omdge 80% aud SUT gy alin futleou af fro fy anol y. Huce if seas “te ts) pat qe 0 fue of br be we a y Abed phe le obhixinect from. dhe tread np clin: Of the bit We ly” fee Serauctacly from’ (x) eel (3) 18 Can gee Ue ardinany old fare for 6. 4, 2. Setlbhs o : ‘ Bur /d -_ = wa, q dame donot a fine. Y bro bs and y- Your the MmArimisatean. fame tan he ablarnoge etter from Lae mbctintydin, 1 Mh leawl uatiegy fue, 81 fem the : mY he tices lilenece ect tly fae. nek eM Us pt fe “4 [9.0.,, re ye 4 1% (PoP, D] ave yok NIV, > Come[nae ni —-| DN eeu Pp shone aot AM ceente ttt, sole ath en, by ay the qe 7 MULT iPLit ER Rultipten wy cee eet Oe UE clese bo” ae Cawehiituk A peel erptuctlang , tan, exper aud A emport lF fou’ fon & the. endlopenisur variable aid ali ether ane Sxegeuctinn Acseuuphions $ _ Pbuly ee, Ceaumedily te prscluced ta te whole eee. = _ {2 cclity ) revibek exbed” in tte een , Haier nttme iz tthe ely uartable Oud ether uaniahla Kuck of tuage reel nate de Fawuainr Constant Sie aly alasliit of jacket ep practi conplelily twslaske Hoyer _Y" bewaid " inorder it beat fe posible E rekon the heuppaly Smet faneaurd 2 Se ehenorey te Comoe os a alored eesuon er luvedrok is au, audénontur enueab nt mowr expendctune Nultiption $~ ay We. fe che “ Me eg te Sine UD) ox G-t9<4 Sy eatin. coe. Haut ~ Ye Cy-) +h rg,» Ye CfY-tOht Tot Gy cin CDH ATy + aS,AT prtaceua et —t eg ecey_ bey lquaat nent ame 2 euptedl Tite gall Letids ts Lf Alilty | he cypedard olerecletn. Chis wilt ath ig tne’ frm Of, CN. be On the Rr faud Cy the L Preour cen clehén én nd aGedid {e'(-e9>4 the Cu faut repaliie mutplicn 26.26 | aulonee Croualr Cxpruclituner ticreaaes “ ineome weil fell _ i or i _ . Ce fo WPC be eaters” Than L teat Of As.udtialier Pee 8) humieim Tone Nulliptin ~ Ye deallyolion is efntd or _ pha efpck of Chaps tn Kaguateen Mie tie were te ‘ —Niprmizis Menelt "theft a ido an fe 020 G-t) whew 06 us ree Ft: Be ep uilibrdune _tetealese 6 Aa ye C(y-t)tT+G = ed 20's 2 AY dV oi! ar ae ae = = i : ae = le ese! : tafe er a = - ages BS = Sb - Ge, 0604, Moyo. Lx mall pen LE fe nepeliue laniauue dase decluge Cha (tel of fom re St dapleas itconeaae te wehe neabec eins Pte. é tnoletce cream wad LO Sei Bua het & ies (epee clauge tu 901 cneene. Le Chet Cact dPIONEER: PAGE NO: { 4. 2 yal Ms ‘2’. ie | oe da Chat ae Kayan “raeclel dalanaed be oe TR) Pyenonk cad an naw F NA ft, ‘ith OtProfrerenee Theory) of) Kiynss. fhe feburdat rates (2 oe deuand and v ng be According, to Keynes, hich to dubermined by the supply ob Moma peontt OY phere Menon mupnty OoMOne Keyra.) annurae thot sabary | cunthort Ly ot my antonbmously: dabema ad by, AM Me das compherehy | country. There fores thy Aupply of MeMif: jrelestic!) Sop aupplys of! Monty uirve uno vertical attaight dine TA Dahon ame dhe figure below + ont ni was suf dtwweb do 2942 nodsvaat STE opty ep Mody) 2 te ly eh money G sReretaatd Ly. cu Sho: omdpae mous, perstery oubborily, Has supply Ulree of mony aLPG 3 il adg0s8 vight crt direction. ; ater sage toh fo tan ewe : Tiga, acceding #9 b > Keats every Eafefdual olde G fired on CiguipiTy pre renener. cosh which Key as every -pinple ATttohe tho wadney cite Reeordi np. .to.: Mod fu Habs. te. three reason fine 1. TRANSACTION. [MoT Hie! PexpteUtkarcta hold Wont amounks H mony for trosaction purpoat. “Acwrding.tp! Keynte y. 0 dromaction demand, for, Moktyss of ads andividdal dependo wd On ‘thanLlavel Of. eRdomes Sf ekeome Of o)pLreen Trev + fat, Hani the datand poroviienty for istrassaction« pose: ; PUrpone: abo ineveanes iso, idhereoexib ha a udineehis rebmtinnskip di atween data adi stor! Meng’ andy Lavel efO-KeD Me. gs eeiLPRECAUTIONARY MOTIVE! Every parnon trite de hota sfuturts). TLS ctype seb daand qoarcid, Cook der jiunturbadkly in chaser aal pris autfonary)) dimond fer omonty . The o>, precaudiokary sdimand tf/ineney-dapends upeay devel afcy.. Theale Agaiky precantfouary,idtuaad for meaty uRertany, wih! the Rereaoe ths the devel of AR boat Qi! Sox bote,, kiqmactou and, precautionary) detinad,,. for monty daperds iupon start of adeomen Later beth. 2 type of dawond for wenty hos poothve raburn 4h avery aspect Yurefort, ths demand for money & calied factve dimand for monty’ Autre dimand fer uenty dupends upon Luvel H tkeome. Te acttre damand for money funetTon by Lys L,(¥). Thue, there extata a dinect rulationship bun aktous » erect aad! Veehtves! “daiband fete Monty, sao ova fae ad {ioe Netavaus il, SPecuLATIVE PURPOSE: People Like te hot pons Gueuat st serty for apeutattve perp! 94 His ‘eeu te BA Te eet baba | page sant ses “eapectation. we Agabiah sopeulative PENRO tis kere res Lbs aso PeaniUilitts of both capital ga and copfhal tao. - See Key mar theory’, apeudative :beharvour fa aun cane “oF? LOR citar ket only, tio oes ved waa heeaed Levee ob, Apeeubodive: deci and, seo o3 the damand. for -nonty wOtpendss upon: rakeet aktardah Tha dhacenvesiobo, anvatverat vetladton betwen, wes padtes eho bond Ahh tate ot interme 9p rade teh sensed frderub-deytase tan price of. teed, -gratually | falls...polis: xx inn wabepfeeves 8 sy doatugeays phoiok Ro PM gure bebbw —) be ott a Speeulodive dtmand ——, Sn Ae above figures vr) ino very igh interest rote. At Hh aktereat rok ,every uidividuet believes thot tk vake of Taturut itt fall aR future, $o, bord pre Rereasts. Tharefert, every gadtvtdual trite to bold Lead Teotead of Uguld Monty. Therefore of th Taterut rahe, apuulabve diuand for watuy 2 zero every Rdividuol expects jun Agest? obi 2 Anheatit rake: Future, thus, Lands thabotntcresh rate stltetateyense aR price Wilk. -ducrtaat «, wSopuvery, stdtvddual Extus s teseonutnty La bond state, suonty . Soy-apeuidadtves dak aad for Money ak ftathdy tlash’s, at he), kterut «Fi S27 Se, ropeulatve damand for. Moniy 3G jJa-. horiaoshah y attoto kh, dint ot 5 4} chore FQUIE. 4, a gah Rteruk rate. fo,} aceardiaguite_ tM vr, & te floor interut robe. TR tkterut ratr tornmt fou Suen the Level, Tet situatPon ids seattedi i. “ugutd Ply, Etop!ik- eestor Sida, AME) Coat smenttany 46 1) TA opeuut odin » deacand. Jor avery uitteal a tutu future une off Nokey si Ruay fh & actually: saat ative. deuedd ter iment» TLS, Gcalled-“P ate ;dent ant. te= beni! The apteul ttre dacand for scons 6 Fdls 4 fer tusnay & funetion wettten a — by? a & Tht tqueltirtuw rate of feberur diberusay ly te Tateractfon Achwern dassand for sonty and Apply of senty For dtpferer Lael of Reus , He died for wenty Achedule cas Me obfatned - Th G phows ak Ha figure Low — ‘ ” 1 | | 4 _\_ + yoink ie B 4 dood el fovsdor aa “tal we on oo bovpead, vives AD pinche aka muppry eg edly Tooqe teebiGhts dh vebores Pguees Po dio Dt. equiliduun porsh) cand Oss) UG 2quidiberm Levee op adbebube ot Faber be or 7TaPRUbVraRe third ox tus ate katy 2) Aapp ly This jo toherub urate: jit, foils OK Tether © handy labsor 2 fabirih “rebep tht iy exttr! cdencaddi * for *henty! So pralt of Pateedts wilt ut erenne «Thy 202 22k on OH pte Jequedtbietunes Schone Horate cio" uv tT LIMITATIONS endl yyy \ W Sa Keyneartieny, thes aquibtbriua rare th Rhee i | j & dabursutaed on AN Aaa t+) dauuptos that) He! 4 Liv oF WeoAL yiRlathe Jenpsfanks Df LNT, Pavel thee me ehaige | the demands for wapauy yo) lo | mh qulrve WAIL AM fF They YOST ep Papert WIM change, 5w oe KuynaZan Euory of fatecut, AM attuat rate & 0 monet Peeis paehoat onthary phtanarenon jwhich & deterifaad by demand Monty cand dittaad for supply if wonsy . But. th pol to a taberat alae dupends upon real factora Mk savings. yutuent produck vify of | capitol ete. But) ture pactoros:, [ine Nob cota tomPdered ith Keyntatain Absony - Hasty, only demand! fda hasbeen vanaly red dat SUPP cpunforoaourly giver But oserding £0 jun darn Reoanmtota, deka, nupply Of MOMYE: dupender 70% rali fabsterbey booq fete x oy gee Reyna dy ef MOney aniumed + be wo Raja Abe Huseg haa vcoustdered oly two. otter nak ve. eonty “and ond. Burak realfty,: every’ itdPetduad betde, a dhwaffied portfolio comb ting efi + meen ey band, syle the» 3 ba , at 7 , wake pth dates 9 Ju pes Sd a tee hansah Sho perp pe Lis ttlw oe KuynaZan Euory of fatecut, AM attuat rate & 0 monet Peeis paehoat onthary phtanarenon jwhich & deterifaad by demand Monty cand dittaad for supply if wonsy . But. th pol to a taberat alae dupends upon real factora Mk savings. yutuent produck vify of | capitol ete. But) ture pactoros:, [ine Nob cota tomPdered ith Keyntatain Absony - Hasty, only demand! fda hasbeen vanaly red dat SUPP cpunforoaourly giver But oserding £0 jun darn Reoanmtota, deka, nupply Of MOMYE: dupender 70% rali fabsterbey booq fete x oy gee Reyna dy ef MOney aniumed + be wo Raja Abe Huseg haa vcoustdered oly two. otter nak ve. eonty “and ond. Burak realfty,: every’ itdPetduad betde, a dhwaffied portfolio comb ting efi + meen ey band, syle the» 3 ba , at 7 , wake pth dates 9 Ju pes Sd a tee hansah Sho perp pe Lis ttl