Published Papers

Browse

Recent Submissions

Now showing 1 - 1 of 1
  • ItemOpen Access
    Endogenous constraints on full productive capacity in a free-market economy
    (Springer Link, 2023-04-07) Cole, Nicolas D
    The full employment interest rate implicit in classical economic theory is 4½%, deduced by including the rate of normal profit in a simple macroeconomic model. By not fixing the interest rate at this optimum, Central Banks endogenously maintain excess productive capacity, cause unemployment, and encourage the exploitation of Labour by Capital.