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contrihutft    to lower t.he degree of unoert.a 1 nty wh 1 oh

1 n e v 1 t. a b 1 y oharaoterlz eathem.

Unoert.a 1n ty la an e s s e n 1.1 a 1 charact.er1st.1c of market eoonomles and 1t. la t.be fundament.a 1 reaaon why t.be pr1vat.e sector 1a morę llkely to leave resourcea Idle Instead of nfilng t. h e m to * promot.e h 1 g h e r 1 e v e 1 s ’ of produot. 1on and employment. Tbe level of income and, henoe, of employment. cruclal ly dependa on tbe volune of 1nveat.ment. t.bat 1s declded by t.be pr1vat.e sector (firma). Tnveatment. 1a a hlghly rlaky act1v1ty, 1t. 1a madę 1n v1ew of profit.a . and impllea tbe t. ran a format. 1on of 11qu1d resouroes . into f1xed plan ta, maohlnes, eto. wboae perspect. 1ve . expeot.ed ret. urn a are unoert.a 1n. Tt. la *eaa1er^ł not t.o 1nveat and leave wealt.h and/or Inoome 1 n 1t.s liquid form (money and/or quaa 1-money). Tnveat.ment, to a large ext.ent, meana t.o het. agalnat. t.be fut.ure. Tt. 1s madę In v1ew of proflt.a t.bat. depend on many var1ablea wb 1 ob oannot. be known and oontrolled In advanoe by any single firm or by a group of firma.

Tn t.bla reapeot., tbe at.at.e baa a very Important role to play. F.saent. ially 1t. oan oreat.e an overal 1 ol Imat.e (env 1 ronmen t.) In wb 1 ob pr1vat.e firma feel t.bat t.o start new 1nveat.ment. projeot.s, t.o produoe morę, 1 a less subjeot. t.o t.be r1ak of belng unaiiooeaafiil. Tbe State oan Induoe firma to form morę 'opt.1m1st.1c' expeot.a 1.1 ons and, t.ben, t.o 1nvest. and expand tbel r levela of a ot. 1v1t.y. The State oan determlne tbe prerequ1s1t.es for a fut.ure expana1on of t.be produot. 1ve napad ty hy tbe pr1vat.e aeot.or.

Ts tbe at.at.e playlng t.hia role In t.be ourrent. s1t.nat.1on? Ts 1t. oont.rlbut.lng, In ot ber words, t.o reduoe tbe ¹ struć tura 1 unoert.alnt.y' wbloh obaract.erlzes o nr eoonomlea? We most. answer 1n t.be negat.1 ve. Tt. aeems t.bat. most atat.es are onrrent.ly operat.lng 1n t.he opposlt.e way. Tbelr aot.lons and measagea seem t.o be perveraely Int.ended t.o Inorease t.be overall level of unoert.alnt.y. Cont.rad1ot.ory messagea on t.he futurę hudget. poi id es, on flscal and monę tary poi 1 oi es , on sect.orlal poi 1o1es and so on,    ooming    from dlfferent.

repreaentat.1ves of tbe government. or of tbe p u bilo seot.or oannot. but. produoe hlgber unoert.alnt.y abont. wbat. t.be at.at.e is aot.ually golng to do and abont. t.he oont.ext. In wblob firma w1 1 1 he operat.lng In t.he fut.ure. Tbe reoent. deve 1 opment.s at. the International level    prov1de furt.ber ev1denoe to our

argument.a. Tbe perslst.lng at.at.e of unoert.alnt.y abont. wbat. pnl lolftfl wi 1 1 be really adopt.ed aa to Internet rates, rat.es of exohange, et.o., magn1f1es t.be unoert.alnt.y In flnanolal market.a and, benoe aa an 1nev1t.able ref leotlon, 1 n 'reał' markę ta.

Tn advooat. 1ng a larger at.at.e 1nt.ervent. łon and t.he establishment, of International 1nst.1tut.1ons t.o promot.e a morę ordered working of market.a, Keynes bad probahly 1n mlnd a k1nd of nat.lonal atat.es and International hodles t.bat probably Ir very far from t.hose wblob aot.ually ex1st.. Keynes enyfaaged at.at.e apparatuses managed and oontrolled hy oommlt.t.ed profesalonals and pollt.ldans who g1ve t.be blgbest. priori t.y t.o t.be generał Int.erest aa oppoaed t.o self Interest. Tn