何屈理的消费者收入与消费者支出说

(2)何屈理的消费者收入与消费者支出说

何屈理(R.G.Hawtry)说，银行放款影响物价平准，但物价平准的高低不关乎消费者手中的剩余现款(balances)或“尚未用去的界限”(Unspentmargin)，^[34]而关乎消费者的支出(Consumers'outlay)。银行放款以后，其中大部分扩充消费者支出，小部分流入尚未用去的界限，则可使物价上涨。因此尚未用去的界限比例愈小，银行扩张信用的效力愈大。银行扩张信用先增加消费者收入(Consumers'income)，^[35]因而增加消费者支出，但这几种事件不是以同比例进行的。其间若是发生差异，就可以影响于物价。物价的决定不在于尚未用去的界限，而在于消费者支出。马夏律的现金剩余学说在此得了一个补充。

“The greater the proportion of additional credit that goes to swell the consumers'outlay，and the less the proportion that is added to the balances，the greater will these effects be.A superficial interpretation of the quantity theory would led us to lay all the stress on balances，and to say that prices ought to increase in proportion to the unspentmargin，i.e.，to the quantity of creditand money in the hands of the people.Butwe now see that the more slowly this quantity increases，the greater will be the rise of prices，so long as the acceleration of the creation of credit continues.When the process completed，when the bank no longer seek to encourage borrowers，and the credit created no longer exceeds the credit extinguished，then the unspentmargin will again become the measure of prices.”^[36]

“The consumers'income rises and falls with the amount of credit crea-ted，the consumers'outlay with the consumers'income;the credit extinguished with the consumers'outlay.But the changes in these several quantities do not exactly keep pace.The difference between any two of themrepresents a change of balances.The change in the unspentmargin is the resultant of the changes in consumers'balances and in traders'balances.”^[37]

“It is not the unspent margin but the consumers'outlay which is the proximate cause in the determination of prices.”^[38]

“The price level is proportional to the consumers'outlay and inversely proportional to the quantity of goods bought by consumers per unit of time.”^[39]