The loanable funds fallacy: saving, finance and equilibrium
指出可贷资金理论依赖的收入概念并非当前收入，而是罗伯逊的昨日收入或希克斯的充分就业均衡收入，从而揭示了该理论的谬误，对理解利率决定和宏观经济均衡有重要价值。
The loanable funds controversy cannot be settled without prior agreement on the meanings of income and equilibrium. The essential claim of loanable funds theory is that disequilibrium in the goods market affects the rate of interest. This paper introduces financial accounting concepts and a new understanding of the principle of effective demand to clarify that loanable funds theory relies on a concept of income other than current income, namely yesterday's income in the case of Robertson, or full-employment equilibrium income in the case of Hicks. In Robertson's case, this is a matter of bad accounting, a confusion between an income statement and a balance sheet. In Hicks's more subtle case, it is about the inapplicability of Walras’ Law to a monetary economy. Keynes's principle embodies a Marshallian concept of system equilibrium under which the goods market is treated as never in disequilibrium in the sense required by loanable funds theory.