Abstract
An example shows that the Non-substitution Theorem need not hold when the rate of interest equals its maximum value. Then the Theorem is proved to hold even in this case if a further assumption is met.
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Kurz, H.D., Salvadori, N. The non-substitution theorem: Making good a lacuna. Zeitschr. f. Nationalökonomie 59, 97–103 (1994). https://doi.org/10.1007/BF01225934
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DOI: https://doi.org/10.1007/BF01225934