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<p>The concept of a natural rate of interest is at the core of the contemporary macroeconomic theory. The objective of this work is to develop a sounder critique of the concept of the natural rate of interest than that elaborated from the liquidity preference theory. To this end, we will draw on Schumpeter’s approach to money and credit. In particular, we will show that Schumpeter’s analysis of the role of bank money in the process of development enables elaborating a more solid criticism of the concept of natural rate of interest and a sounder explanation of the Keynesian principle of effective demand than that based on the liquidity preference theory.</p>

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On the irrelevance of the concept of a natural rate of interest in a Schumpeter–Keynes perspective

  • 期刊论文

  • 发表日期：

    2026年1月24日

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  • Giancarlo Bertocco,
  • Andrea Kalajzic

摘要

The concept of a natural rate of interest is at the core of the contemporary macroeconomic theory. The objective of this work is to develop a sounder critique of the concept of the natural rate of interest than that elaborated from the liquidity preference theory. To this end, we will draw on Schumpeter’s approach to money and credit. In particular, we will show that Schumpeter’s analysis of the role of bank money in the process of development enables elaborating a more solid criticism of the concept of natural rate of interest and a sounder explanation of the Keynesian principle of effective demand than that based on the liquidity preference theory.