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volume 4, issue 5, 2025
953
NEOLIBERAL INTERPRETATION OF INVESTMENT MECHANISMS IN A MARKET
ECONOMY.
Salamov Farrukh Fattoevich
Acting Professor of the Department of Economic Theory at the
Samarkand Institute of Economics and Service.
E-mail:
Key words:
ease of obtaining credit , intertemporal coordination between investor and consumer
decisions , capital intensity.
Abstract:
the article is devoted to the process of investment in the theories of neoliberal
economic schools.
Unlike monetarists , neoliberals take a more rigid view of the process of regulating the monetary
and credit sphere. The ease of obtaining loans, which was a consequence of the expansion of
fiduciary money
, should be limited, which will lead to a decrease in the artificially increased
demand for material assets and their production in an unjustified volume
. F. von Hayek sees a
similar solution to the problem in the use of the theory of money neutrality, which partly
contradicts Keynes's position that there is no automatic market mechanism for equalizing savings
and investment rates, " intertemporal coordination between the decisions of investors and
consumers
." In addition to differences in the role of the state in establishing equilibrium in the
economic system, there are also obvious contradictions between the Keynesian and Hayekian
concepts associated with determining the causes of cyclical fluctuations. If the first explains the
onset of the crisis by insufficient investment, the second considers excess investment to be the
source of crisis phenomena.
F. von Hayek , in his work devoted to the study of the investment process, updates the provisions
of D. Ricardo and O. Böhm-Bawerk , according to which there is a redistribution of resources
between industries characterized by different capital intensity under the influence of real wages.
These fluctuations are reflected in the structure of capital, in the volumes of investment demand,
forming the prerequisites for the conclusions of the post-Kensians P. Sraffa and J. Robinson that
the source of investment is not only profit and capital accumulation, but also wages and savings.
Conclusion:
They look differently at the types of economic activity of economic entities, erasing
the usual boundaries between households and firms, assuming that both can participate in both
investment and savings processes.
1
The mechanism of appropriation of funds accepted for storage by banks and the issue of deposit receipts for
amounts exceeding actual deposits are common practice. At one time, the termination of the irregular deposit
agreement and the loan agreement was legally secured. All this led to the fact that modern banking systems operate
on the principles of fractional reserves, determining the permanent growth of credit money. ( Huerto de Soto , H.
Money, bank credit and economic cycles / Translated from English. - Chelyabinsk: Socium, 2008. Pp. 91-100.)
2
Representatives of the old institutionalism , in particular T. Veblen , take a similar position regarding the impact of
the money market on investment processes in the real segment of the economy. In his reasoning about the
dichotomy of industry and business, he comes to the conclusion that financiers and top managers of large
corporations, seeking to make a profit by acquiring securities, reduce the investment opportunities of participants in
the reproduction process. The desire of business "captains" to capture a larger part of the industrial system leads to a
failure in its mechanism, causing either underutilization of equipment or overproduction. ( Veblen , T. Theory of the
Business Enterprise/- M.: Delo, 2007. (pp. 45-50.)
3
Hayek , F. The fatal conceit. Mistakes of socialism / M.: Novosti, 1992. P.267-270.
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volume 4, issue 5, 2025
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