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67 The use of these expressions interchangeably obscures analysis of the direction of economic causation. ·Prof. Myrdal, in his study of monetary equilibrium, seeks to revamp the Wicksellian process in order to enable him to employ his own devices of "expectations" and ex ante and ex post valuations. To introduce them, he analyzes the three conditions of equilibrium given above; and he has grave misgivings about all of them. 08 26 INTEREST AND USURY "Our conclusion, therefore, must be that cre'dit and the money rate of intereat have to be included even in the formula by which the natural rate of interest is defined.
The idea of a physical productivity presupposes that there is only a single factor of production besides waiting, and only a single product; and that, moreover, both are of the same physical quality.. This idea is therefore of no use in realistic analysis since such assumptions, if made at all, exclude the possibility of progressive adaptation of the analysis to reality . • . " "But if we assume that the economic subjects replace ijome of their loan transactions in natura' by credit contracts which they make in that calculating unit, then.
At the end of the year the yield is $1,080,000, from which the capitalists take out the $70,000. This increased value figure arises from selling a larger output at the same price. But Wicksell's index number is likewise unaltered in this case for the same reason: the element which 22 INTEREST AND USURY is stated as changing, q, is taken as of a single year in both terms while the element which is stated as not changing, p, is taken from the years to be co~pared, so that the result is inevitably 1.