凯恩斯

To correct Keynes's mistake, the paper develops a new model of determination of interest rate on the basis of the liquidity preference analysis centered on finance motive.

为了修正凯恩斯的错误，本文在基于融资动机的流动性偏好分析的基础上建立起一个新的利率决定模型。

Liquidity preference theory is always the most confused and controversial part of Keynes's General Theory. This results in the dissension on the mechanism of determination of interest rate in monetary economics.

流动性偏好理论一直是凯恩斯的"通论"中最令人迷惑和争议最多的部分，并造成了货币经济学中对利率决定机制的争论和分歧。

The paper then points out a crucial and unsolved mistake in Keynes's liquidity preference theory, i.e. interest rate is indeterminate, which is revealed by introducing finance motive into the theory.

然后本文指出，在凯恩斯的利率理论中利率是不确定的，而且这一错误是由于融资动机的引入才得以显示出来。

So obviously holding liquidity provides an option for the shareholders of the bank,and such option is valuable.But its value was not referred in Keynes\'s Liquidity Preference Theory.(2) When the bank holds liquidity assets,it can catch the opportunity in the future to earn more yields.

显然，商业银行的流动性给予股东一种选择权，并且这种选择权是有价值的，但这种价值在凯恩斯的流动性偏好理论中没有提及；另一方面，持有流动性可以让商业银行在未来抓住投资机会，这是投机动机带来的收益。

This paper points out that Keynes macroeconomic theory is on the basis of three major psychological law: reduced marginal propensity to consume, liquidity preference, decreased marginal efficiency of capital.

本文指出，凯恩斯的宏观经济理论以先验的三大心理规律，即边际消费倾向递减、流动性偏好、资本边际效率递减为基础，脱离资本主义深层次的经济关系和经济结构，来分析资本主义的宏观经济运行。

Listening to the post crash coverage I heard words I had not found in the media for years, words like FDR, New Deal, government intervention and Keynes.

听力后坠毁的报道我听到的话我还没有发现在媒体多年，像罗斯福的话，新政，政府干预和凯恩斯。

And Keynes's Londoner regarded this state of affairs as normal, certain, and permanent, except in the direction of further improvement ...

凯恩斯笔下的伦敦人认为，这样的状态除非更进一步，否则将会是永远正常而且理所当然的。。。

Not be rational, or subject to improvement, since our existing knowledge did not provide a sufficient basis for a calculated mathematical expectation of investment returns.

经济学家约翰-梅纳德-凯恩斯曾经说过市场行为不可能是理性的，也不可能改进。因为我们现有的知识不能为精确计算的预期投资收益提供充分的依据。

The economist John Maynard Keynes argued that market behavior could not be rational , or subject to improvement, since our existing knowledge did not provide a sufficient basis for a calculated mathematical expectation of investment returns.

经济学家约翰。梅纳德。凯恩斯曾经说过，市场的行为不可能是理性的，也不可能改进，因为我们现有的知识不能为经过精确计算而得出的投资收益预期提供充分的依据。

Passage 10 13 The economist John Maynard Keynes argued that market behavior could not be rational, or subject to improvement, since our existing knowledge did not provide a sufficient basis for a calculated mathematical expectation of investment returns.

经济学家约翰梅纳德凯恩斯曾经说过，市场的行为不可能是理性的，也不可能改进，因为我们现有的知识不能为经过精确计算而得出的投资收益预期提供充分的依据。

With Death guitarist Schuldiner adopting vocal duties, the band made a major impact on the scene.

随着死亡的吉他手Schuldiner接受主唱的职务，乐队在现实中树立了重要的影响。

But he could still end up breakfasting on Swiss-government issue muesli because all six are accused of nicking around 45 million pounds they should have paid to FIFA.

不过他最后仍有可能沦为瑞士政府&议事餐桌&上的一道早餐，因为这所有六个人都被指控把本应支付给国际足联的大约4500万英镑骗了个精光。