We started with two dichotomies – the subjective/objective and the individual/aggregate – to investigate the monetary and circulation analyses proposed by Del Vecchio. Eventually the conclusion was reached that those dichotomies were less marked than appeared at first sight, especially if considered through the lens of a dynamic or time perspective. Subjective and objective views necessarily mix in valuing money and analysing the interest rate. Individuals and aggregates do not constitute a dichotomy because they need different interpretative instruments: they follow different logics that make them different actors. In this case, Del Vecchio enriched the panorama by stressing the key role of intermediate figures, i.e. groups.

However, almost paradoxically, as these dichotomies faded, so a further decisive one gradually made its appearance, although it was never explicitly named by Del Vecchio. It was a more economic one, in the sense that, more than method or perspective, it concerned the theoretical content. In certain respects, this emerging dichotomy evoked the distinction between the monetary discount rate and the psychological interest rate, but in fact it did not coincide with it. This was also because equality between the two rates was, from time to time, described by Del Vecchio as the condition for general monetary equilibrium.

We can reconstruct this dichotomy by outlining its two sides.