Note 6 — Chapter I · THE CONSEQUENCES TO SOCIETY OF CHANGES IN THE VALUE OF MONEY
Reading edition
The merchant, who borrows money in order to take advantage of a prospective high real rate of interest, has to act in advance of the rise in prices, and is calculating on a probability, not upon a certainty, with the result that he will be deterred by a movement in the money rate of interest of much less magnitude than the contrary movement in the real rate of interest, upon which indeed he is reckoning, yet is not reckoning with certainty.