An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money

M Y FIRST published paper' has come of age, and at a time when the subjects it dealt with have come back into fashion. It developed the equilibrium conditions for a rational consumer's lifetime consumption-saving pattern, a problem more recently given by Harrod the useful name of "hump saving" but which Landry, Bbhm-Bawerk, Fisher, and others had touched on long before my time.2 It dealt only with a single individual and did not discuss the mutual determination by all individuals of the