3 
this line of research. Moreover, it would rather seem to 
carry coals to Newcastle if one entered a field in which so 
many people have tried their ingenuity. The chances of 
finding still another variant of the same ideas can only 
get smaller and smaller. 
Let me pass now to another type of contribution. 
Guger and Walterskirchen have dealt directly withthe post-war 
history of employment. They have, first of all,stressed the 
importance of monetary policy, both in Keynes's thinking 
and in the troubles of our times. ( As to the latter I might 
mention that the abondonment of cheap money policy practised 
under the influence of Keynes during the war came already 
very early , around 195o, in Britain and in U.S., helped by 
the experience of inflation ). 
It is not irrelevant to theoretical discussions on interest 
that that they depend much on institutions which are different 
according to place and time. In the time after the General 
Theory the prevailing view in England was that the influence 
of interest on investment was very small in general. This 
view was supported by interviews with business men 
( Hitch and Hall in Oxford ). The economists view on the 
insubstantial role of interest in investment decisions 
( excepting housing and power stations ) was based on the 
argument that only long term interest was relevant for 
fixed investment, and this varied only within narrow limits 
over a short period. This does not contradict Keynes's hopes 
that over a longer period the rate might be altered substantially. 
The situation has never been quite the same on the continent 
always been 
where industrial investment has/financed to a large extent 
by bank credits with practically variable interest. 
In our time the changes in the long term interest are substantial 
and take effect more quickly than formerly. 
What m