Summary:

Augusto Graziani evaluates Heinsohn and Steiger's approach from the viewpoint of Keynes's theory. He praises their view as a novel attempt to define in a most rigorous fashion the essence of money as totally distinct from any kind of material good. While the author agrees with Heinsohn and Steiger's explanation of the rate of interest out of the loss of the bank of issue's property premium, he emphasises that Keynes did not consider interest as a price paid to the central bank but rather as a price paid by firms issuing securities to savers who acquire them.