There are, however, several reasons, which taken in combination are of compelling force, why in an economy of the type to which we are accustomed it is very probable that the money rate of interest will often prove reluctant to decline adequately: (a) We have to allow, first of all, for the reactions of a fall in the wage unit on the marginal efficiencies of other assets in terms of money;for it is the difference between these and the money rate of interest with which we are concerned.