Sejarah Pemikiran Ekonomi Teori Bunga

A historical review on existing interest theories distinguishes three categories of approaches. Firstly, the non-monetary theories assert that the rate of interest is determined by the rate of investment return. Money is considered to be neutral. Through Wicsteed's marginal productivity theory and Bonm Bawerk's present preference for goods over the future's. Fisher develops the concept of marginal rate of return over cost for the expected rate of investment return. Secondly, the monetary theories declare that the flow of funds in the money and capital market affect the interest rate. There is an interconnection between preference for liquidity driven by speculative motives and the present & future rate of interest. Thirdly, the Post-Keynesian theory represented by Hicks uses the simultaneous equilibrium analysis between the money & capital market and the market as well as the market for goods, will occur simultaneously at a certain income and a certain rate of interest.