3
HarrodinhisstudyonTheTradeCycle。ThereMrHarrodexpectsanincrease;hereconstancyoradecreaseseemstobeindicated。SinceMrHarrodgivesgroundsforhisconclusionswhichareprimafacieplausible,thisisafurtherreasonforanattempttoputtheissuetoamoredecisivestatisticaltest。[236]
Tostatethecasemoreexactly,wehavefivefactorswhichfluctuateintheshortperiodwiththelevelofoutput:1Thepriceofwage-goodsrelativetothepriceoftheproduct;
2Thepriceofgoodsboughtfromoutsidethesystemrelativelytomoneywages;
3Themarginalwagecost;
4ThemarginalusercostIattachimportancetoincludingthisfactorbecauseithelpstobridgethediscontinuitybetweenanincreaseofoutputuptoshort-periodcapacityandanincreaseofoutputinvolvinganincreasebeyondthecapacityassumedinshort-periodconditions;and5Thedegreeoftheimperfectionofcompetition。Anditappearsthat,forreasonswhicharenotyetclear,thesefactorstakeninconjunctionhavenosignificantinfluenceonthedistributionbetweenlabourandcapitaloftheincomeresultingfromtheoutput。Whateveramorecompleteinquiryintotheproblemmaybringforth,itisevidentthatMrDunlop,MrTarshisandDrKaleckihavegivenusmuchtothinkabout,andhaveseriouslyshakenthefundamentalassumptionsonwhichtheshort-periodtheoryofdistributionhasbeenbasedhitherto;¾;itseemsthatforpracticalpurposesadifferentsetofsimplificationsfromthoseadoptedhithertoarepreferable。MeanwhileIamcomfortedbythefactthattheirconclusionstendtoconfirmtheideathatthecausesofshort-periodfluctuationaretobefoundinchangesinthedemandforlabour,andnotinchangesinitsreal-supplyprice;thoughIcomplainalittlethatIinparticularshouldbecriticisedforconcedingalittletotheotherviewbyadmittingthat,whenthechangesineffectivedemandtowhichImyselfattachimportancehavebroughtaboutachangeinthelevelofoutput,thereal-supplypriceforlabourwouldinfactchangeinthedirectionassumedbythetheoryIamopposing¾;asifIwasthe[Page412]THE
GENERALTHEORYOFEMPLOYMENT
firsttohaveentertainedthefifty-year-oldgeneralisationthat,trendeliminated,increasingoutputisusuallyassociatedwithafallingrealwage。
Iurge,nevertheless,thatweshouldnotbetoohastyinourrevisions,andthatfurtherstatisticalenquiryisnecessarybeforewehaveafirmfoundationoffactonwhichtoreconstructourtheoryoftheshortperiod。
Inparticularweneedtoknow:iHowtherealhourlywagechangesintheshortperiod,notmerelyinrelationtothemoneywage,butinrelationtothepercentagewhichactualoutputbearstocapacityoutput;
iiHowthepurchasingpoweroftheindustrialmoneywageintermsofitsownproductchangeswhenoutputchanges;andiiiHowgrossprofitperunitofoutputchangesawhenmoneycostschange,andbwhenoutputchanges。J。M。KEYNES
IndexA-K[Page413]
INDEXA-K
[toIndexL-Z]
Abstinence,see[Saving]
Accumulationinawealthycommunity,[219-20],seealso[
Capitalaccumulation]
\'Administeredprices\',[268],[270]
AggregateInvestment,Saving,Supplyfunction,Demandfunction,see[
Investment],[Saving],[Supplyfunction],[Demandfunction]
Agricultureandthetradecycle,[314],[329-32]
Armstrong,Clement,[347]
Australia,wagepolicyin,[269-70
]
Austrianschool,[76],[329]
AuthoritarianStates,[380],[
381]
Availableresourcesandactualemployment,[4]
Balanceoftradeandchangesinmoney-wages,[262-3]andMercantilism,[333],[335-9
],[348]andfuturepolicy,[382]Bankcharges,[196]
Bankdeposits,[81],[167n],[194-5]
Bankmoney,innineteenthcentury,[308]andGesell\'sproposals,[357-8
]Bankrate,\'effectiveness\'of;[206]thetechnique,[339]Bankingsystem¾;andcreationofcredit,[81-5]andrateofinterest,[208]
andfutureofinvestment,[378]
itsconditionsoflending,[200]
asuggestedreformin,[205-6]
andwagepolicy,[267]
Seealso[Money,quantityof];and[Monetarypolicy]Barbon,N。,[359]
Basicsupplementarycost,see[Supplementarycost]
Bavaria,Sovietcabinetin,andGesell,[354
]
\'Bearishness,stateof\',inTreatiseonMoney,[173-4]
\'Bears\'andrateofinterest,[170-1]
Bentham,J。,on\'forcedsaving\',[80];onusury,[352-3]Bö;hm-Bawerk,E。von,[176n],[183n],[214n]
BonarLaw,A。,[350]
Bondprices,[199-200
],[206]
Booth,Charles,[365]
\'Bottle-necks\',[300-1
],[322]
Bowley,A。,[395],[398],[402]
Brokeragecharges,[160]
Bü;chi,Dr,[354]
Budgetarydeficit,[98],[128-30
]
BuenosAires,Gesell\'sactivitiesin,[354
]
Buildingsocieties,[101]
Bull,John,oldnineteenth-centurysayingabout,[309n]
\'Bull-bearposition\'intheTreatiseonMoney,[169n]
\'Bulls\',andtherateofinterest,[170-1
]
Business-deposits,[195]
Business-motivetoliquidity,[195-6],see[Liquidity]
Butler,H。B。,[349n]
Cairncross,A。K。,[364]
Capital¾;andAustrianschool,[76],[329]
costofproductionof;[315],[317]
demandcurvefor,inclassicaltheory,[175-85
]
diminishingreturnsfrom,[42],[81],[114],[289],[305-6
]
durabilityof;andthetradecycle,[318]
\'productivity\'of;[213-17]
scarcityof;[221],[375-6]
stockof¾;assumedgiven,[245];
itsmeasure,[37],[43];
andincome,[52-4],[56];
andinvestment,[62-3];
andusercost,[66];
anddepreciation,[99-106];
andexpectedyield,[147];
andrateofinterest,[217-20];
andtradecycle,[315],[317-18]
supplypriceof;[135],[248],[252]
unforeseenincreaseinoutputof;[122-5
]Capital,marginalefficiencyof¾;defined,[135-6]
introduced,[28],[31]
discussed,[135-64]
anindependentvariable,[245-9]
andcommoditystandards,[224-5]
incrises,[207]
andpriceofequities,[151]andn,andrateofinterest,[111-12],[136-7
],[142-6],[165],[218-20
]
andmoney-andown-ratesofinterest,[222-3
],[228]
andinterestpolicy,[375]
andliquidity-preference,[170]
andmoney,[173-4],[224-5
],[234],[298]
andpublicworks,[120]
andstability,[250-1],[253]
[Page414]INDEX
Capitalcont。¾;andtheState,[164],[220]
andthetradecycle,[313-20],[323-4
]
andwages,[232-3],[260-5
],[269-70]
innineteenthcentury,[307-8]
to-day,[308-9]
infuture,[220-1],[375]
ineconomicdoctrine,[139-41]
andFisher\'stheory,[140-2]
andGesell\'stheory,[355-6]
Marshallon,[139-40]
invonMises,HayekandRobbins,[192-3
]
Pigouand,[190],[274],[278]
andRicardo\'stheory,[192]
andusurylaws,[351-2]Capital,scheduleofmarginalefficiencyof¾;defined,[136]
itssignificance,[145-6],[184]
andinvestment,[165],[375]
andclassicaltheory,[178]
See[Investmentdemandschedule]Capitalaccumulation¾;andpropensitytoconsume,[112],[349]
andliquiditypremiumonland,[241-2]
inwealthycommunity,[31],[219-20],[335],[348]
itsfuture,[372-3],[375]
andGesell\'stheory,[355]
Hobsonon,[367-8]
Marshallon,[242]
andMercantilistthought,[344]\'Capitalconsumption\',[76],[329
]
Capital,fixed¾;andinvestment,[75]
andthetradecycle,[319]
andusercost,[73]Capitalformation,grossandnet,inUnitedStates,Kuznetson,[102-4]
Capital,instrumental,characteristicsof,[226]
Capital,liquid,andexpectation,[50
]andusercost,[73]
Hawtreyon,[75-6]Capitalprofits,taxeson,[94-5
]
Capital,working¾;andexpectation,[49-50]
andinvestrnent,[75]
andreductionofwages,[262]
andprimecost,[273n]
andthetradecycle,[318-19]Capitalism,futuretrendsin,[221],[309],[372-83]
Carrying-cost,defined,[225]discussed,[225-8],[240]
andland,[241]
andmoney,[233-4],[237-9
]
andsurplusstocks,[317-18]Gesellon,[355-7]Carver,T。N。,oninterest,[176]andnGary,J。,[359]
Cash,see[Money]
Cassel,G。,oninterest,[176],[182],[188]Pigouon,[188]Centralbank,[206],[235],seealso[Bankingsystem],[Monetarypolicy]
Chalmers,[369]
Child,J。,[342]
Clark,C。G。,[409n];oninvestmentinGreatBritain,[102],[386]
Classicaleconomists,[3n]
Classicaltheory,itslimitations,[
378]postulatesof;[4-22],[34],[304]
andmarginalefficiencyofcapital,[139-41
]
andeffectivedemand,[32-4]
andemployment,[3],[112],[284]
andinterestandinvestment,[93],[165-6
],[175-93],[351],[356]
andMercantilism,[333-5],[339],[348-9
]
andreductionofmoney-wages,[257-60]
Hobsonon,[366]\'Closedshop\',[56]
Closedsystem,[11],[265]wagepolicyin,[270]Commodityexchanges,[160n]。
Commodity-ratesofinterest,see[Interest,ownratesof]
Competition¾;imperfect,[5],[406-11]
thedegreeof,[245]
theMercantilistsonexcessive,[345-6]
andclassicaltheory,[29],[379]Confidence¾;theStateof;[148-9],[161],[248]
andpublicworks,[120]
andreductionofmoney-wages,[264]
inthenineteenthcentury,[307]
andthetradecycle,[317]
andHobson\'stheory,[367]Consume,propensityto¾;defined,[90]
theobjectivefactors,[89-106]
thesubjectivefactors,[107-12]
itsplaceintheGeneralTheory,[27-31
],[245],[247],[249]
andpropensitytosave,[65]
andwindfallchangesincapitalvalues,[92]
andaccumulation,[335],[337],[373],[375]
andemployment,[211]
andemploymentinwealthycommunity,[31],[219]
[Page415]INDEX
Consume,propensityto¾;cont。andemploymentfunction,[281]
andincometax,[94],[373]
andrateofinterest,[93],[178],[184]
andthetradecycle,[313-14],[319-21
],[324-9]
andmoney-wages,[239],[260],[262-3
]
innineteenthcentury,[307]
andfuturepolicy,[373],[375]
andclassicaltheoryofinterest,[178],[184]
andPigou,[279]
andHobson,[370]Consume,marginalpropensityto¾;defined,[115]
discussed,[113-31]
andthemultiplier,[115]
andstability,[248],[250-2]
andreductionofmoney-wages,[261-2]
inwealthycommunity,[31],[349]Consumption¾;defined,[61]
intheGeneralTheory,[27],[248],[250-2
]
andnatureofcapital,[214-17]
andpropensitytoconsume,[89-90],[92
],[96],[98]
and\'soundfinance\',[104-6]
andrateofinterest,[166]
andNewDeal,[332]
andsavingandinvestment,[61-5],[74
],[82]
andnatureofsaving,[21],[64-5],[
210-13]
andthetradecycle,[327],[330],[332]
andchangesinmoney-wages,[261-3]
andRobertson\'sdefinitionofincome,[78]
Hobsonon,[367-9]Consumption-capital,[226]
Consumption-goods¾;Pigouon,[273]
theirperiodofproduction,[287]Consumption,under-,see[Under-consumption]
ConventionandStockExchangevaluations,[
152-3]andtherateofinterest,[203-4
]Cost¾;carrying,see[Carryingcost]
factor,see[Factorcost]
longperiod,[68-9]
marginal,[294-6],[302-3
]
prime,see[Primecost]
supplementary,see[Supplementarycost]
basicsupplementary,see[Supplementarycost]
currentsupplementary,see[Supplementarycost]
user,see[Usercost]
wage,see[Wagecost]Costofbringinglenderandborrowertogether,[208],[219],[309]
Cost-unit,defined,[302],[303],[309
],[328]
Costs,levelofdomestic,andforeigninvestment,[336-8]
Credit,see[Money,quantityof]thestateof,[158]Crises,andthetradecycle,[314-20
]financial,inEuropeandtheUnitedStates,[207],[329
]Curtius,[353n]
Cycles,Trade,see[Tradecycles],[Fluctuations]
Cyclicalmovementsandazerorateofinterest,[218]
Davenant,C。,[345]
Deathduties,[95],[372-3
]
Debtsandmoney,thedistinctionbetween,[167n]burdenof;andchangesinmoney-wages,[264],[268],[
271]Childon,[342]Deficit,budgetary,[98],[128-30
]
Deflation,apparentasymmetrybetweeninflationand,[291]andreductionofstocks,[331-2
]Demand¾;
Demandcurve,see[Demandschedule]
Demand,aggregate,[104],[123],[258],[279]
Demand,effectivedefined,[25],[55]
theprincipleof,[23-34]
anddemandschedules,[259]
elasticityof,[305]
andemployment,[260-1]
andemploymentfunction,[280-91]
andentrepreneurs,[380-1]
andexpectation,[147]
andfinancialprudence,[100]
andincome,[55]
inlongrun,[307]
andprices,[209],[295-305]
andprocessesofproduction,[215]
andindividualsaving,[211-13]
andstability,[251-2]
andusercost,[69n]
inwealthycommunities,[31],[220]
inclassicaleconomics,[25-6],[32-4
]
andGesell,[358]
andHawtrey\'stheory,[76]
[Page416]INDEX
Demand,effectivecont。Malthuson,[32],[362-4]
andMercantilistthought,[358]
andTreatiseonMoney,[78-9]Demandfunction,theaggregate¾;defined,[25];[32],[40],[55],[77],[89]Demandfunctionforlabour,thereal,see[Labour,Pigou\'srealdemandfunctionfor]
Demandscheduleforemploymentinclassicaltheory,[6]forinvestment,see[Investmentdemandschedule]Demandschedules,thenatureandassumptionsof;[258-60],[281]
Deposit,bank,see[Bankdeposits]
Depositinterest,[196]
Depreciation¾;andusercost,[69]
onhouses,[99-102]
intheUnitedStates,[102-3]Diminishingreturns¾;inshortperiod,[81],[83],[91-2
],[114],[121-2],[289],[302],[305-6
],[328]andchoiceofwage-unit,[42],[299-300
]Discount,rateof,[135],[225]
Disinvestment,[67],[75],[105],[318],[329]andusercost,[67]Dis-saving,[82],seealso[Saving,negative]
Disutilityoflabour,ofemployment,marginal,see[Labour,marginaldisutilityof]
Dividend,National,andchoiceofunits,[379]Pigouon,[5n],[59]
Seealso[Income]Divisionoflabour,international,[333
],[338],[381]
Douglas,C。H。,[32],[370-1
]
Dunlop,J。G。,[394-410
]
Economics,thedivisionsof,[292-4
]Classical,see[Classicaltheory]Edgeworth,F。Y。,[3n],[19],[32],[186],[410]
Effectivedemand,see[Demand,effective]
Efficiency,marginal,ofcapital,see[
Capital,marginalefficiencyof]
Efficiencyandlengthofprocesses,[214-17
]
Egypt,Ancient,wealthof,[131]
Elasticityofeffectivedemand,see[
Demand,effective]ofemployment,see[Employment]
ofmoney-wages,see[Wages,money]
ofoutput,see[Output,elasticityof]
ofproduction,see[Production]
ofproductionofmoney,see[Money]
ofsubstitution,see[Substitution]
ofsubstitutionofmoney,see[Money]Employment¾;theoryof;summarised,[27-32],[247-9];
restated,[245-54]
adependentvariable,[245-7]
marginaldisutilityof,see[Labour,marginaldisutilityof]
itsunits,[41]
andaggregatedemandandsupplyfunctions,[48],[89]
andemploymentfunction,[89],[281],[286]
andFreeTrade,[336],[382]
andrateofinterest,[217-20],[222],[242-3],[349]
andinvestment,[98]
andquantityofmoney,[171]
andthemultiplier,[113-14],[122]
andprices,[295-6],[298]
andsavingandinvestment,[77-8]
andindividualsaving,[211]
itsstability,[250-4]
andthetradecycle,[97],[315-16],[318],[320],[325],[327-8]
andmoney-wages,[257-71]
andrigidrealwage,[269-70]
inpoorandwealthycommunities,[31],[219-20
]
innineteenthcentury,[307-8]
theproblemto-day,[308-9]
inclassicaltheory,[3-7],[185],[
257-60]
Pigouon,[7],[260],[272-9]Employment,elasticityof,[243
],[284],[286-8]forindustryasawhole,defined,[282]
forasingleindustry,[282]Employment,full¾;defined,[16],[303]
itsrarity,[250-2]
andfuturepolicy,[372-3],[375],[
377-9],[381-2
]
assumedinclassicaltheory,[12],[191]
andequilibrium,[253],[289-91]
andtherateofinterest,[112],[203-4
],[327]
andown-ratesofinterest,[236]
andthequantitytheoryofmoney,[209]
intheabsenceofmoney,[235]
and\'forcedsaving\',[80]
and\'over-investment\',[320-3]
andunder-consumption,[325-6]
andanapparentasymmetry,[304]
andHobson\'stheory,[367]
andwages,[266],[271],[301-2]
[Page417]INDEX
Employmentfunction,[89-90
],[246],[280-91]defined,[280]
Seealso[Employment,elasticityof]Employmentmultiplier,defined,[115
],[248],[273]
Employment,primary,defined,[113
],[115-16],[118],[277]
Employment,secondary,[277]
Employment,under-,[289],[324
],[365],[381]。Seealso[Unemployment]Enterprise¾;distinguishedfromspeculation,[158-9
]futureof,[225],[374]psychologyof,[150-1],[161-3
]Entrepreneurs¾;incomeof,see[Income]
andelasticityofemployment,[257-8]
andfullemployment,[289-90]
andproductionofmoney,[230]
andazerorateofinterest,[217-18]
andreductionofmoney-wages,[261-2],[264]
anddefinitionofmarginalwagecost,[273]
andtheStockExchange,[151],[316n]
andfuturepolicy,[376-7]Equilibrium¾;andbankrate,[339]
andemployment,[249]
andelasticityofemployment,[287-8]
andfullemployment,[289-91]
andfluctuatingexchanges,[270]
andtherateofinterest,[217-20],[242-4
]
ofmoneyandassets,[227]
ofmoneyandinterest,[199-201]
andprices,[64]Equilibrium,long-periodandsupplyprice,[68-9]
andtherateofinterest,[180],[190-1
]Equities,ownershipof,dissociatedfrommanagement,[153]andtheStockExchange,[151n],[158],[319]Euclideangeometers,classicaleconomistscomparedwith,[16]
Europe,post-wartraderestrictionsin,[338]
Exchanges¾;fluctuating,andwagepolicy,[270]
rigid,andBritishforeigninvestment,[339]Expectation,[46-51
],[147-64],[293-4
]andtheproductivityofcapital,[138]
andpresentandfutureconsumption,[210]
ofchangesinpresentandfutureincome,[95]
andliquidity,[197-9],[201-2
],[205]
andchangesinvalueofmoneyandoutput,[141-2
],[237-9]
andquantityofmoney,[298]
andthetradecycle,[315],[320-2],[327]
andmoney-wages,[69n],[238],[263-5
],[305]
offutureyield,[136],[147],[247]
long-term,defined,[47-8];[51],[147-64
],[246]
short-term,defined,[47-8];[50-1
],[148]FableoftheBees,Mandeville\'s,[106
],[359-62]
Fabricant,S。,[388]
Factorcost¾;defined,[23],[53],[67]
average,[69-70]
marginal,[55],[67],[69-75],[272n]Federalreservesystem,[327]
Financialprovision,see[
Supplementarycost]
Financialprudence,[100-1
],[105],[109]andliquidity,[155]andrecoveryintheUnitedStates,[100],[128]Fiscalpolicy¾;andthepropensitytoconsume,[94-5
]
andwagepolicy,[263]Fisher,Irving,[140-3
],[355],[357]
\'Flightfromthecurrency\',[207],[306],[329]
Fluctuations,[97],[250-4
],[307],see[Tradecycles]
Flux,A。W。,onInterest,[176]
\'Forcedfrugality\',Benthamon,[80
]
Forcedsaving,see[Saving]
Foreigninvestment,see[Investment,foreign]
Foreigntradeinclassicaleconomics,[
333]infuture,[382]
andmercantilism,[333-50]
andthemultiplier,[120]Fortrey,S。,[344],[359]
Foxwell,H。S。,[396],[400]
FreeTrade,[333-4
],[350]
Hobsonon,[368]
Frictionalunemployment,see[Unemployment,frictional]
Fullemployment,see[Employment,full]
Fullarton,J。,OntheRegulationofCurrencies,[364n]
\'Future\'and\'spot\'prices,[222-4]
George,Henry,[354],[355],[365]
Gesell,Silvio,[32],[353-8
],[375],[379]
Gold,suitabilityof,asmoney,[236]mining,[130-1],[200],[230-1
]
own-rateofinterestof,[229]Goldstandard,andtheproductionofmoney,[230-1]andbalanceoftrade,[337-8],[349]
[Page418]INDEX
Goldstandard,cont。andtheMercantilists,[348-9]
andwar,[381-2]Government,see[State]
GreatBritain¾;CentralBankcontrolin,[206]
employmentandtherateofinterestin,[219-20
]
fullemploymentin,[323-4]
employmentandforeigntradeinpre-waryearsin,[337],[348]
employmentandbankratein,[339]
FreeTradeinnineteenthcenturyin,[338]
redistributionofincomein,[372]
Clarke\'sestimateofinvestmentin,[102]
post-warinvestmentandsinkingfundsin,[101-2
]
contemporarymercantilismin,[333]
opinionandthemonetarysystemin,[172]
themultiplierin,[122]
realandmoneywagesin,[276]Hales,DiscourseoftheCommonWeal,[345]
Hansen,Alvin,EconomicReconstruction,[193]
Harrod,R。F。,[180n],[411]
HarvestsandTradecycle,[320]
Hawtrey,R。G。,[51n],[72n],[75-6],[79n]
Hayek,F。von,[39n],[59-60
],[79],[80],[192]
Heckscher,E。,Mercantilism,[341-50
],[358]
Hoard,propensityto,[208-9
],see[Liquidityfunction]
Hoardingandliquidity,[160-1
],[174]
Hoards,theMercantilistson,[344-5
]
Hobson,J。A。,[59n],[364-71
]
Hume,essayOnMoney,[343n]
Imports,restrictionof,[338-9
]
Improvement,motiveof,[109],see[
Consume,propensityto]
Income¾;
Income,aggregate¾;defined,[53-4]
preliminarydefinition,[23-4]
definitiondiscussed,[52-61]
andsavingsandinvestment,[63],[74]
andusercost,[67]
Robertson\'sdefinition,[78-9]
Marshall\'sdefinition,[59]
inTreatiseonMoney,[60],[77]
andpropensitytoconsume,[91-2],[94
],[96-7],[248]
itsdistribution,[321],[372-5]
andemployment,[28],[258]
andinvestment,[117],[180-2],[248
]
andclassicaltheoryofinterest,[178-9
]
andleisure,to-day,[326]
andliquidity,[171-2],[196-7
],[199]
andmoneyinlongrun,[306-9]
andquantitytheoryofmoney,[208-9]
statisticsof,andthemultiplier,[127-8
]
andordinarysupplyanddemandcurves,[281-2
]
adependentvariable,[245-7]
andHobson\'stheory,[369]Income,aggregatenetdefined,[57]
discussed,[57-61]
andpropensitytoconsume,[92],[98]
anddefinitionofinvestment,[75]Incomeofentrepreneursdefined,[53]
discussed,[53-4]
andelasticityofemployment,[287]
inTreatiseonMoney,[60-1]Income,net,ofentrepreneursdefined,[57]
discussed,[56-8],[59],[92]
andusercost,[68-90]Income,realandconsumption,[91-2],[251
]
andemployment,[28],[114]
andchangeinmoney-wages,[262-3]Income-deposits,[194-5
]
Income-motive,see[Liquidity-preference]
Incometax¾;andpropensitytoconsume,[94]
andinequalityofwealth,[372]
andliquidity,[309]Income-velocityofmoney,see[Money,income-velocityof]
India,liquidityandwealthin,[337]
Individualism,virtuesof,[379-80
]
Industryasawholedemandschedulesand,[258-9]
andemploymentfunction,[280],[285]
theplaceineconomicsofthestudyof,[293]Infantindustries,[339]
Inflation¾;andtherateofinterest,[202]
apparentasymmetrywithdeflation,[285]
post-war,inCentralEurope,[207]
absolute,[305]
semi-,defined,[305]
true,defined,[119],[303]Inheritance,inequalitiesof,[374]
[Page419]INDEX
Interest,rateof¾;defined,[167];[222]
theoryof,[165-74]
propertiesof,[222-44]
anindependentvariable,[245-9]
andaccumulation,[219-20],[335-7
],[349]
andpropensitytoconsume,[93-5],[110-12
]
complexofrates,[28],[137n],[143],[167n],[168-9],[205-6
]
andmarginalefficiencyofcapital,[28],[136-7
],[143],[145-6],[220-1
]
andconfidence,[149]
incrises,[207]
andemployment,[288],[290]
andpriceofequities,[151n]
andforeigntrade,[339],[348]
andgoldmining,[130]
andhoarding,[174]
andliquidity,[197-209]
andquantityofmoney,[79],[167-8],[171-3],[197-209
],[298],[306-9]
andvalueofmoney,[142-3]
obstaclestoalow,[202],[207-8],[
309]
andmonetarypolicy,[205-8]
andfuturepolicy,[375-6]
apsychologicalandconventionalphenomenon,[202-4
]
andprocessesofproduction,[214-17]
andpublicworks,[119-20]
andindividualsaving,[210-11]
andstability,[250-3]
andthetradecycle,[315-16],[320-9
]
andusercost,[68],[70]
andmoney-wages,[260-6],[269-70
]
inwealthycommunities,[31],[219-21
]
innineteenthcentury,[307-8]
to-day,[308-9]
inclassicaltheory,[93],[165-6],[
175-93],[351]
Casselon,[176]
Carveron,[176]
Fluxon,[176]
Gesellon,[355-8]
Hayekon,[192]
andHobson\'stheory,[367],[369-70]
Lockeon,[342-4]
Marshallon,[175-6],[186-9
]
theMercantilistson,[340-4],[347]
vonMiseson,[192-3]
Pigouon,[186],[188-90],[274],[
278]
Ricardoon,[190-2]
Robbinson,[192]
Robertsonon,[180n],[187n]
Taussigon,[176]
andusurylaws,[351-3]Interest,equilibriumrateof,[183],[325]
Interest,long-termrateofandliquidity,[202]
andmonetarypolicy,[202-4],[206-7
]
andwagepolicy,[266]Interest,\'natural\'rateof,[183],[242-4]Wicksell\'s,[183n],[242]Interest,\'neutral\'rateof,[183]adefinition,[243]Interest,\'optimum\'rateof,defined,[243]
Interest,own-rateof,defined,[223];[223-31],[235],[236],[240
]
Interest,\'pure\'rateof,[68
],[145],[182],[208],[221]
Interest,short-termrateof,andpolicy,[203],[208]
Interest,compound,[163]
InternationalLabourOffice,[349n]
Internationaldivisionoflabour,[333],[338],[387]
Internationaltradeinclassicaleconomics,[333]
futureof,[382]
andMercantilism,[333-50]
andmultiplier,[120]\'Inventories\',[332],[389]
Invest,inducementto,[27],[
137],[239],[335],[347-8],[351],[353],[358]
Investment¾;
Investment,aggregateorcurrentdefined,[62]
foreshadowed,[54]
discussed,[60-4]
insummaryofGeneralTheory,[27-31],[248-53]
andmarginalefficiencyofcapital,[136-7
],[147],[149]
andpropensitytoconsume,[90],[98-106
],[110]
andemployment,[260-1],[281]
andelasticityofemployment,[287-8]
andexpectation,[149-51]
unexpectedincreasein,[123-5]
itsfuture,[375-7]
andratesofinterest,[236]
andliquidity-premiumonland,[241-2]
andthemultiplier,[126-8]
andrisk,[144-5]
andindividualsaving,[210-11]
andstability,[250-3]
andtheState,[106],[164],[220-1
],[320],[325],[335],[349],[351],[376-7
],[380]
inBritishandAmericanStatistics,[102-4
],[386-93]
[Page420]INDEX
Investmentcont。andthetradecycle,[314-32]
andusercost,[66]
andmoney-wages,[260-5]
andclassicaltheory,[180-5]
Fisheron,[140-2]
Marshallon,[139-40],[178],[186-8
]
andMercantilism,[335-40]
Pigouon,[275],[279]Investment,savingand,[60-5
],[74-85],[183-5
],[328]andclassicalschool,[177-9]Investmentdemandschedule,defined,[136]andpropensitytoconsume,[110-11
]
andexpectations,[147],[149]
andrateofinterest,[136-7]
andvalueofmoney,[142]
andclassicaltheoryofinterest,[178],[181-3
]
Seealso[Capital,scheduleofmarginalefficiencyof]Investment,foreignandaccumulation,[335-6],[339
],[348-9]
inAustralia,[270]
itsfuture,[381-2]Investment,\'full\',[324]
Investment,home,andunemployment,Kahnon,[113]Investment-income,Hayekon,[59]
Investmentmarkets,see[StockExchange]
Investment,misdirected,[321
],[323],[327]
Investmentmultiplier¾;defined,[115];[248]andquantityofmoney,[298-9]inUnitedStates,[127]Investment,negative,see[Disinvestment]
Investment,negativenet,[329
]
Investment,netdefined[63]
discussed,[62-5]
itsvagueness,[60]
andconsumption,[98],[326]
andthemultiplier,[113]Investment,over-,[320-4
],[370]
Investment,public,[106],[163-4
],seealso[State]
Investors,professional,[154-64
],[316]
Involuntaryunemployment,defined,[22],see[Unemployment,involuntary]
Italy,wagepolicyin,[267]
Jevons,W。S。,onthetradecycle,[329-32
]
Jobber\'s\'turn\',[159]
Johnson,Dr,andMandeville\'sFableoftheBees,[359]
Kahn,R。F。,[113],[115],[119],[
121],[400],[405]
Kalecki,DrM。,[395],[403],[405
],[409n],[410],[411]
Keynes,J。M。,[79n]EssaysinBiography,[362]
TreatiseonMoney,[49],[60],[70],[74],[77-9
],[124],[151n],[167n],[169n],[173
],[194-5],[242],[287n],[319n]
TreatiseonProbability,[148n]
inTheNationandtheAthenaeumonProtection,[334]King,W。I。,[409n]
Knight,F。H。,onInterest,[176n]
Kuznets,S。S。,[102-4
],[386-93],[409n]
IndexL-ZINDEXL-Z
[toIndexA-K]
Labour¾;Pigou\'srealdemandfunctionfor,[272-3
],[275],[278-9]
elasticityofdemandfor,[258-9]
disutilityof;[6],[128],[245]
marginaldisutilityof,[5],[28],[128],[284],[291]
assolefactorofproduction,[213-15]
andfutureofinterest,[375]
internationaldivisionof,[333],[338],[381]
andproductionofmoney,[230-2]
marginalproductof,[5],[83],[257]
supplyof¾;notfunctionofrealwageonly,[8];andtradecycle,[326]Labourunits,defined,[41-2
],[91],[114],[282]
LabourGovernmentandenterprise,[
162]
Laffenas,LesTré;sorsetrichessespourmettrel\'EstatenSplendeur,[358]
Laissez-faire¾;andemployment,[217-20]
andforeigntrade,[335],[339],[348]
andinvestment,[159]
andMercantilism,[348],[350]
andmoney,[129],[235]
andwagepolicy,[269]
andwar,[348],[381-2]
Gesellon,[355]Land,andaccumulation,[241-2
]comparedtomoneybyLocke,[343]
nationalisation,[355n],[358]Leisure,[326]
Liquidcapitalgoods,see[
Capital]and[Stocks]
Liquidity¾;Incentivesto,[194-209]
itsnature,[240-1]
attitudetoitanultimatevariable,[247-8
]
andthepropensitytoconsume,[108]
and\'soundfinance\',[155],[159-60]
andmoney-rateofinterest,[234-5]
[Page421]INDEX
Liquiditycont。andland,[241-2]
innon-monetaryeconomy,[240]
andindividualsaving,[212-13]
andwage-unit,[232]
andgrowthofwealthinIndia,[337]Liquidityofmoneyandcarrying-costs,[233-4],[
237]
andquantityofmoney,[241n],[305]Liquidity-functiondefined,[168]
itsshape,[171-2]
itsnature,[197-200],[205]
incrises,[207]
andemployment,[248-9]
andquantitytheoryofmoney,[208-9]
andquantityofmoney,[298]
andmoney-wages,[172],[263-4]Liquidity-preferencedefined,[166],[168]
andrateofinterest,[166-74],[180-1
],[207]
itsthreedivisions,[170]
transactions-motive,defined,[170],[170-2
],[174],[182];
reclassified,[195]
precautionary-motive,defined,[170],[170-2
],[196]
speculative-motive,defined,[170],[170-4
]
income-motive,defined,[195]
business-motive,defined,[195-6]
andexpectation,[169]
andhoarding,[174]
andforeigninvestment,[336]
andpublicworks,[120]
andthetradecycle,[313],[316],[328]
measuredinwage-units,[172]
andwealthinMiddleAges,[351]
inlongperiod,[306]
innineteenthcentury,[308]
to-day,[309]
andGesell\'stheory,[356]
andLockeonInterest,[343]
andMercantilistthought,[341],[344]
andRicardoonInterest,[191]
inTreatiseonMoney,[173-4]Liquidity-preference,scheduleof,see[Liquidity-function]
Liquidity-premiumdefined,[226]
ofmoneyandotherassets,[227-9]
ofmoney,[233n]
ofmoneyandGesell\'stheory,[357-8]
ofland,[241-2]
ofstandardofvalue,[237-40]Loanexpenditure,[128-30
],[331-2],seealso[State]
Localauthorities,sinkingfundsof,[101]
Locke,J。,[344n]ALettertoaFriendconcerningUsury,[344]
SomeConsiderationsoftheConsequencesoftheLoweringofInterestandRaisingtheValueofMoney,[342]andn,[343]LondonStockExchange,[159-60
]
Long-periodcost,andusercost,[68-9
]
Longperiod,price-levelin,withstablewagepolicy,[270-1]
Long-termbonds,andliquidity-premiumonland,[241]andchangeinwage-unit,[263]
regulationofpriceof,bycentralbank,[206]Long-termexpectation,see[
Expectation,long-term]
Loss,windfall,defined,[57-8
],[228]
Maintenance,andusercost,[66],[69-70
]
Malthus,T。R。,oneffectivedemand,[
32],[362-4],[369],[371]PrinciplesofPoliticalEconomy,[363]
LetterfromRicardo,[43]
LetterstoRicardo,[362-3]Malynes,Gerard,LexMercatoriaandMaintenanceofFreeTrade,[342],[345-6
]
Managementandownership,separationof,[150-1],[153]
Management,monetary,see[
Monetarypolicy]
\'ManchesterSystem\',[379]
Mandeville,Bernard,[371]FableoftheBees,[106],[359-62
]Marginalcost,see[Cost,marginal]disutilityofemploymentoflabour,see[Labour]
efficiencyofcapital,see[Capital,marginalefficiencyof]
factorcost,see[Factorcost]
multiplier,see[Multiplier]
proceeds,see[Proceeds]
productoflabour,see[Labour]
productivity,see[Productivity]
propensitytoconsume,see[Consume,marginalpropensityto]
Usercost,see[Usercost]
Wagecost,see[Wagecost]Marshall,Alfred,[3n],[19],[32],[37],[56],[59],[139],[175],[176n],[177
],[184],[334],[395-9
]andMary,EconomicsofIndustry,[19n],[20n],[21]
[Page422]INDEX
Marshallcont。IndustryandTrade,[334n]
MoneyCreditandCommerce,[334n]
OfficialPapers,[395n],[397n]
PureTheoryofDomesticValues,[19]
PrinciplesofEconomics,[72],[139-40
],[175-6],[186-90
],[214n],[242],[334n],[395n],[398
]Marx,Karl,[3n],[32],[355]
Mathematicaleconomics,[275],[297-8]
Meade,J。E。,[401],[403]
Mercantilism,[334-51
],[358-9]
Midas,thefateof,analogyof,[219
]
Mill,J。S。,[3n],[19-20
]PrinciplesofPoliticalEconomy,[18],[364n]Mises,L。von,TheTheoryofMoneyandCredit,[192-3]
Misselden,Edward,FreeTrade,ortheMeanestomakeTradeFlorish,[342]
Monetaryeconomy,non-,see[Non-monetaryeconomy]
Monetarypolicy,thefutureof,[378
]andrateofinterest,[164],[202-8
]
andrateofinterestinclassicaltheory,[243-4
]
andliquidity,[196-9]
andproductionofmoney,[230],[235]
andsavingandinvestment,[84]
andthetradecycle,[316-17]
andbalanceoftrade,[337-9]
andwages,[267-9]Mercantilistson,[341-2]Humeon,[343n]Money¾;itsessentialproperties,[222-44
],[293]
itspositionintheeconomicsystern,[173],[292-4
]
anddebts,[167n]
itscarryingcosts,[225-7],[233-4
],[238]
thedemandfor,[84],[194-5],[248-9
],[263-4]
itselasticityofproduction,[230-1],[234-6],[238]
itselasticityofsubstitution,[231],[234],[238]
andrateofinterest,[166-74]
inMercantilistthought,[340-1],[345-7
],[358-9]Moneyincome,see[Income]
Money,income-velocityof,defined,[201];[194-5],[209],[258],[289
],[299],[304]
Money,quantityofanultimatevariable,[247-8]
andbondprices,[200]
andemployment,[171],[173]
andhoarding,[174]
andrateofinterest,[167-8],[171-4
],[205],[233]
andliquidity,[196-9],[241n]
andtheprice-level,[173],[295-9],[303-9]
andquantitytheory,[209],[304-6]
andrentiers,[290]
andsavingandinvestment,[79-85]
andmoney-wages,[171],[173],[258],[266-70
]
inMercantilistthought,[340-1],[345-7
],[358-9]
Humeon,[343n]
Lockeon,[342-4]Money,quantitytheoryofrestated,[285],[295-6],[
305-6]
andliquidity,[208-9]
andfullemployment,[289]
Locke\'stheory,[343-4]Money,stamped,[234],[357-8
]
Money,velocityofcirculationof,Lockeon,[343]
Money-wages,see[Wage-unit]and[Wages,money]
Monopolyprices,[268-70
]
Mortgages,[241]
Multiplier,[113-31
]inGreatBritain,[122]
intheUnitedStates,[122],[127-8]
andstability,[250-2]
Pigou\'srejectionof,[277]
Kahnon,[113-15],[119]Multiplier,theemployment,defined,[115];[248],[273]
Multiplier,theinvestmentdefined,[115];[127],[248]
andthequantityofmoney,[298-9]Multiplier,marginal,[126]
Mummery,A。F。,[364-70
]
Mun,Thomas,[344]
NationalDebt,[264]
NationalDividend,[5n],[
379],seealso[Income]
\'Naturalforces\',see[Laissez-faire]
\'Natural\'tendenciesnotalawofnecessity,[254]
\'Natural\'rateofinterest,see[Interest,rateof]
Neo-classicalSchool,[177]
Netinvestment,see[Investment,net];Saving,see[Saving,net]
\'Neutral\'rateofinterest,[183],see[Interest,rateof]
NewDeal,[402]andenterprise,[162]
[Page423]INDEX
Newdealcont。andmonopoly,[408]
andstocks,[331-2]NewYorkinvestmentmarket,[
159],[160]andn,[172]
Non-monetaryeconomy,adefinitionof,[239];[222]
Non-staticeconomy,[99],[146],[293]
Normalcost,[70-1
]
Normalprofit,[72]intheTreatiseonMoney,[77]Obsolescence,[163]
Open-marketoperations,[197-9
],[267-8]
Opensystem¾;inclassicaltheoryofwages,[11]
andthemultiplier,[120]
andreductionofwages,[262-3]
andwagepolicy,[270],[301]Optimism¾;ofclassicaltheory,[33]
andeconomicactivity,[161]
andthetradecycle,[316]Output¾;asawhole,[17],[43],[67];itsplaceineconomics,[293-4]
stabilityofmoney-costof,[237-8]
diminishingreturnsof,[91-2],[300],[302],[328]
andfullemployment,[289]
andtrueinflation,[303]
limitto,setbyrateofinterest,[229]
andliquidity,[195-6]
andchangeinquantityofmoney,[298]
andsavingandinvestment,[77-8]
andStatecontrol,[378]
ordinarysupplycurveand,[281]
supplypriceof,[300],[328]
andthetradecycle,[325-6],[328-9
],[331-2]
andwage-unit,[269]
Seealso[Income]Output,current,valueof,equatedtoincome,[63]
Output,elasticityof,defined,[282-3],see[Production,elasticityof]
Overdrafts,[196]
Over-investment,[320-4
],[370]
Over-saving,Hobsonon,[365-70
]
Ownershipandmanagement,theseparationof,[150-1],[153]
Own-rateofinterest,see[
Interest,own-rateof]
Periodofproduction,[76],[214-17
]defined,[287]Petty,W。,[342],[346],[359],[362]
Pigou,A。C。,[3n],[19],[32
],[56],[59],[142],[186],[238]EconomicsofWelfare,[5n],[38],[39],[188],[190]IndustrialFluctuations,[189-90
],[395],[399],[411n]TheoryofUnemployment,[7],[13],[72],[190
],[260],[272-9],[399]Poorcommunity,employmentin,[31],[219-20
]themultiplierin,[125-6]Pope\'sfatherandchestofguineas,analogyof,[221]
Populationchanges¾;inthenineteenthcentury,[307]
andlengthoftradecycle,[318]
andstockofmoney,[340n]
andwar,[381]Precautionary-motiveforliquidity,see[Liquidity]
Preciousmetals¾;andmercantilism,[333],[334n],[335-8
],[344],[347]
andstampedmoney,[338]
andthegoldstandard,[348-9]Prices¾;thetheoryof,[292-309]
andchangesinemployment,[173],[249],[253]
andfullemployment,[118],[289],[291]
andpublicworks,[117]
andquantitytheoryofmoney,[209],[304-5
]
andthetradecycle,[328],[330]
andchangesinmoney-wages,[12],[239],[252-3
],[262-4],[266],[269-74
],[306-9]Price-level¾;theconceptcriticised,[37],[39-40
],[43]
and\'naturalrate\'ofinterest,[242]
stabilityof,[64],[239],[250-3],[270-1],[288-9
]
Seealso[Prices]Prices¾;elasticityofexpected,inresponsetochangesineffectivedemand,defined,[284-5]
elasticityof,inresponsetochangesinquantityofmoney,defined,[305];[296]Prices,\'administered\',[268],[
270]
Prices,monopoly,[268],[270]
Primecost¾;defined,[53]
andquantitytheoryofmoney,[305]
andusercost,[68-9]
[Page424]INDEX
Primecost,average,[68]
Primecost,marginal¾;andemploymentfunction,[283]
andusercost,[68]
andchangesinmoney-wages,[262],[266]
andwage-cost,[272-3],[299-300
],[302]
andPigou\'sTheoryofUnemployment,[272-3
],[276]Probability¾;anduncertainty,[148n]
andstock-exchangevaluations,[152]
andliquidity,[240]Proceedsofemployment¾;defined,[24];[25],[55],[77],[89],[290]
andusercost,[66-7],[70]
marginal,[55],[70]
Seealso[Income]Production,elasticityof¾;preliminarydefinitionof,[230]
defined,[282-3]
andemploymentfunction,[282-5]
andpropertiesofmoney,[230-1],[234-6
],[238]
andquantitytheoryofmoney,[300],[304-6
]Production,factorof¾;labourasthesole,[213-15]
Mercantilistsandmoneyas,[341]Production,periodof,[76],[214-17
]defined,[287]Productivityofcapital,andmarginalefficiencyofcapital,[137-41]andyieldfromcapital,[213-17
]Productivitytheoryofwages,marginal,Marshallon,[140n]
Profit¾;andemploymentfunction,[283],[289-90
]
andover-saving,Hobsonon,[369-70]Profit,gross,ofentrepreneurs,see[
Incomeofentrepreneurs]
Profit,net,ofentrepreneurs,see[
Income,net,ofentrepreneurs]defined,[57]discussed,[56-8],[59],[92
]
andusercost,[68-9]Profit,normal,andlong-,andshort-periodsupplyprice,[68]intheTreatiseonMoney,[77]Profitmotive,andaccumulation,[335]
Propensitytoconsume,tohoard,tosave,see[Consume,propensityto];
[Hoard,propensityto];[Save,propensityto]
Prospectiveyield,see[Yield]
Protection,[334-5
]
Provision,financial,see[
Supplementarycost]
Psychologicalfactors¾;theultimate,[246-7]
andstability,[250-4]Psychologyofenterprise,[150-1
],[161-3]
Psychology,mass,ofinvestors,[154-5
],[159],[172],[317]
Publicworks,[116],[119],[127]
Pye,Philip,[354]
Pyramids,buildingof,[131],[220]
Quantityofmoney,see[Money,quantityof]
Quantitytheoryofmoney,see[Money,quantitytheoryof]
Quasi-stationaryconditions,[220-1]
Rateofdiscount,[135],[224]
Rateofinterest,see[Interest,rateof]
Rateoftime-discounting,changesin,[93-4]
Realdemandscheduleforlabour,see[Labour]
Realincome,see[Income]
Realwages,see[Wages]
Rent,comparedtoInterest,byLocke,[343]
Rentfactors¾;andmoney,[231]
andelasticityofemployment,[288]Rentiers¾;futureof,[221],[376]
andfullemployment,[290]
andreductionofmoney-wages,[262]Replacementcost¾;defined,[135]
andmarginalefficiencyofcapital,[135]
andtradecycle,[321],[323-4]
andusercost,[71]
andDouglas\'theory,[371]\'Returnovercost,rateof\',IrvingFisher\'s,[140-1]
Ricardo,[3n],[4n],[5n],[18],[32],[186],[190-2],[244
],[340],[367],[369]LettersfromMalthusto,[362],[363]
PrinciplesofPoliticalEconomy,[190-2
]Risk¾;threetypesof,[144-5]
andaccumulation,[348],[351]
andfutureofcapitalism,[221],[375]
andinequalityofincomes,[372]
to-day,[309]
themonetaryauthorityanddebtsofdifferentdegreesof,[205-6
]
andalowrateofinterest,[208]
moral,[144-5],[208],[309]Risk-cost,[68]
Risk,entrepreneur\'s,[144-5
]
[Page425]INDEX
Risk,lender\'s,[144-5
]
Risk-premiumandliquiditypremium,[240
]
Robbins,L。,[30n],[79],[192
]
Robertson,D。H。,[78],[79n],[143n],[180n],[187n],[327],[406
]
Robertson,J。M。,[365n]
RobinsonCrusoe,dialoguebetween,andastrangerinGesell\'sNaturalEconomicOrder,[356]
\'Roundabout\'methodsofproduction,[211],[214-15]
Rueff,J。,[399]
Save,propensityto¾;andpropensitytoconsume,[65]
andrateofinterest,[165],[178],[183],[217-20
]
chronictendencyof,[347]
andHobson\'stheory,[367-8]
seealso[Consume,propensityto]Saving¾;defined,[62]
discussed,[61-5]
andconsumption,[217-18],[248]
andelasticityofemployment,[287]
itsfuture,[372-3],[375-6
]
inTreatiseonMoney,[60]
Hobsonon,[364-71]
andJevons\'sTradeCycletheory,[330]
Malthuson,[363-4]
Mandevilleon,[360-2]
inMercantilistthought,[358-9]
AdamSmithon,[352]Savingandinvestment,[61-5
],[74-85],[183-5
],[328]andclassicaltheory,[177-9]Saving,aggregate,[80],[110-11
]Marshallon,[178],[186-8]Saving,forced,[79-81
],[183],[292],[328]
Saving,individual,natureof,[19],[21],[64-5],[210-13
]
Saving,negativedis-saving,[82]unemploymentreliefand,[21],[109]
andzerorateofinterest,[217-18]Saving,net,defined,[60];[62],[64]
Saving,over-,Hobsonon,[365-70
]
Savings,accumulated,andliquidity,[194]
Savings-deposits,[195]
Say,J。B。,[3n],[18],[363]
Say\'sLaw,[26]
Scarcityandyieldofcapital,[213-15]
andproductivity,[215]Schoolsofthoughtconcerningtradecycle,[324-9]
Schrö;tter,von,[344],[359]
Securities,priceof,[94],[199-200
],[206]
Shortperiod¾;consumptionandchangesintherateofinterestin,[93-4
]
elasticityofemploymentin,[302-3]
diminishingreturnsin,[81],[91-2],[114],[121-2],[302],[305-6],[328]
wagepolicyin,[270]
fluctuationsofliquidity-preferencein,[336]Short-termbillsandbankrate,[206]
Short-termexpectations,see[Expectation,short-term]
Short-termloans¾;andbankcharges,[208]
andchangesinwage-unit,[263]Sinkingfunds,[95],[100-2
]
Smell,afactorofproduction?,[215]
Smith,Adam,[352-3
],[361n],[368]WealthofNations,[352n]Socialisedcommunity,wagepolicyin,[267]
Socialism,[377]
Solon,ageof,[340n]
SouthPole,expeditionto,analogyof,[162]
Spain,infifteenthandsixteenthcenturies,[337
]
Speculation,[154-64
]distinguishedfromenterprise,[158-9
]
intheUnitedStates,[158-60],[323]
inGreatBritain,[159-60]Speculativemotivetoliquidity,see[Liquidity]
Speculators,professional,[
154-64],[316]
\'Spot\'prices,[222-3
]
Sraffa,P。,[223n]
Stability¾;conditionsof,[64],[250-4]
andprices,[64],[239],[250-3],[
270-1],[288-9
]
andwagepolicy,[269-71]Stampedmoney,[234],[257-8
],[357-8]
Standardoflife,andconsumption,[
97],[218-19],[262]
Standard,monetary¾;andnatureofmoneyandinterest,[224-5
],[228-30],[236]
riskofchangesin,[144]
inthenineteenthcentury,[308]
Seealso[Goldstandard]State¾;andborrowingforunemployed,[251]
andinvestment,[106],[164],[220-1
],[320],[325],[335],[349],[351],[376-7
],[380]
printingmoney,andliquidity,[200]StateSocialism,[378]
[Page426]INDEX
Stationarystate¾;depreciationin,[99]
andcalculationofyield,[139],[145-6
]
liquidity-functionin,[208]
itsplaceineconomics,[293]Stationarystate,thequasi-,[220-1]
Stephen,Leslie,onMandeville\'sFableoftheBees,[359-60]
Stockexchanges,[75],[150-64
],[199]andtradecycle,[316],[319-20
]Stocks,[47],[124]infinancialcrises,[207]Stocks,surplus¾;carrying-costsof,andtradecycle,[317-19
]
characteristicsof,[226]
andelasticityofemployment,[288]
Hawtreyon,[55n]
andNewDeal,[331-2]
andusercost,[70-1]Substitution,elasticityof,[231],[234],[236],[238]
Supplementarycost¾;defined,[56]
andconsumption,[98-106],[109]
andincome,[56-9]
andthemultiplierintheUnitedStates,[128]
andusercost,[68-9],[73]
inDouglas\'stheory,[370]Supplementarycost,basic,defined,[59]
Supplementarycost,current¾;defined,[59]
andusercost,[70-1]Supply¾;
Supplyanddemand,placeof,ineconomics,[292-4]
Supplyoflabour,see[Labour]
Supplycurve,theordinary,[281]relationof,toaggregatesupplyfunction,[44-5
]Supply,elasticityof,see[
Production,elasticityof]
Supplyfunction,aggregate¾;defined,[25];[29]
andchoiceofunits,[42n]
andordinarysupplycurve,[44-5]
theinverseoftheemploymentfunction,[89],[280-1
]
ofparticularindustries,[55n],[115-16
],[173],[246]
forindustryasawhole,[55n]Supplyprice,aggregate¾;defined,[25]
andusercost,[29n],[55n],[67]
andconsumption,[30],[98]Supplyprice,andusercost,[55n],[67-8],[75]
Supplypriceofaninvestment,defined,[135];[135-6],[147],[248
]
Supplyprice,long-period,[
68]
Supplyprice,normal,andequilibrium,[228]
Supplyprice,short-period,[67-8],[328]
Surplusstocks,see[Stocks,surplus]
Sur-tax¾;andliquidity,[309]
andinequalityofwealth,[372]Tarshis,L。,[394-410
]
Tastes,[147],[225],[245]
Taussig,F。W。,oninterest,[176]
Taxation¾;andinequality,[372-3]
andliquidity,[309]
oncapitalprofits,[94-5]
andmoney-wages,[264]Termsoftrade,[263],[270],[334],[404]
Theoryofvalue,[292-3
]
Thomas,Albert,[349n]
Thrift¾;inMercantilistthought,[358-9]Hobsonon,[365n],[366],[368-9
]
Mandevilleon,[362]Timeandnatureofmoney,[293-4
]
Time-deposits,[167n]
Time-discounting,changesinrateof,[93-4]
Time-elementinTradeCycle,[314],[317-18
]
Time-lag,[122-5
]
Time-preferencesofindividuals,[166]
Trade,balanceof,[120],[262-3
],[333],[335-8]
Tradecycles¾;theoryof,[250],[313-32]
andwages,[301]
andunforeseenchanges,[124]
andconsumption,[97]
Pigouon,[278-9]Traderestrictions,[338-9
]
Trade,termsof,[263],[270],[334
]
Tradeunions,[16],[267],[301]
Transactions-motivetoliquidity,see[Liquidity]
Transfertaxes,[160]
Treasurybillsasmoney,[167n]
TreatiseonMoney,[151n]\'stateofbearishness\'andthe\'bull-bear\'positionin,[109n],[169n],[173-4]
naturalrateofinterestin,[242-4]
treatmentofmoneyin,[167n],[194-5
]
andperiodofproduction,[287]
savingsandinvestmentin,[60-1],[74
],[77-80]
andsurplusstocks,[70]
tradecyclesin,[49-50],[123],[319n]TreatiseonProbability,[
148n]
[Page427]INDEX
Uncertainty¾;andpropensitytoconsume,[94]
andcrises,[316]
andexpectation,[148]
andrateofinterest,[145n],[218-19
]
andliquidity-preference,[168],[182],[201]
andprobability,[148n]
andelasticityofsubstitutionofmoney,[231]
andquantitytheoryofmoney,[208]Under-consumption,[324-7
]Douglason,[370]Hobsonon,[364-71]
inMandeville\'sFableoftheBees,[359-62
]
inMercantilistthought,[358-9]Unemployment¾;andauthoritariancontrol,[381]
andStateborrowingforreliefof,[251]
andeffectivedemand,Malthuson,[362-4
]
andgoldstandard,[348-9]
andfuturepolicy,[382]
andnatureofmoney,[235]
andProtection,[334-5]
andnegativesaving,[109],[121]
intheUnitedStates,[9]
theMercantilistson,[346-7],[358-9
]Unemployment,frictional¾;defined,[6];[15-16]
Pigouon,[278]Unemployment,involuntary,[6
],[22],[128],[289]defined,[15]
Pigouon,[5n],[7],[13],[190],[274-5
]Unemployment,voluntary,defined,[6],[8],[16]
UnitedStates¾;boomin1928-9in,[322-3
],[327]
capitalexpansionanddepreciationin,1924-9,[100]
propensitytoconsumeandstock-marketin,[319]
financialcrisisof1932in,[207]
employmentandrateofinterestin,[219]
themultiplierin,[122],[128]
\'NewDeal\'andrecoveryin,[331-2]
openmarketoperationsin,[197]
stockmarketin,[159-60],[172]
uniformityofopinionin,[159],[172]
unemploymentin1932in,[9]
wagepolicyin,[269]Units,thechoiceofthefundamental,[37-45],[214]
Unsoldgoods,see[Stocks,surplus],and[Capital,liquid]
Usercost,[53-5
],[58],[66-73]preliminarydefinition,[23]
defined,[53]
discussedindetail,[53-5],[66-73
]
andincome,[58]
and\'financialprudence\',[109]
instationarystate,[146]
andsurplusequipment,[109]
andwastage,[99]
Marshalland,[72]
Pigouand,[72]Usercost,marginal,[54],[67],[72]andreturnoncapital,[139]
changesin,[302-3]
andrisingprices,[290]Usurylaws,[241],[340],[351-3
]
Utility¾;ofcapital,marginal,[137];Marshall\'suseof;[139-40
]
ofmoney,[231]
ofwages,[5]
ofwages,marginal,[283]Variables,dependentandindependent,ofGeneralTheory,[245-7]
Velocityofcirculationofmoney,see[Money]
Vestedinterests,[383]
Voluntaryunemployment,defined,[6],[8],[16]
Wages¾;
Wages,Marshallonmarginalproductivitytheoryof,[140n]
Wages,utilityof,[5]marginalutilityof;[253]Wagesbillandthedemandformoney,[11],[
263-4]
Wage-cost,itsidentificationwithprimecost,[272-3],[276]andprices,[299-300],[302]Wage-goods,[7]theircarrying-cost,[239]inPigou\'sTheoryofUnemployment,[272-9
],[301]Wages,moneychangesin,inclassicaltheory,[7-15
],[257-60],[284]changesin,inrelationtorealwagesandoutput,[394-412
]effectsofchangesin,analysed,[260-9
]stabilityandchangesin,[251-3
],[269-71],[303-4
]theirrigidity,[257],[266]
andfullemployment,[289]
inGreatBritain,[276]
[Page428]INDEX
Wagescont。andnatureofmoney,[232-3],[237-9]
inPigou\'sTheoryofUnemployment,[272],[275-7
]Wages,money-,elasticityof,defined,[285],[304-6]
Wagepolicy,[266-71
],[339n]Pigouon,[278]Wages,real¾;inclassicaltheory,[5-18],[
21-2],[259],[284]Pigouon,[13],[238-9],[272-8
]natureofresistancetoreductionsof,[264]effectsofpolicyfixing,[269-70
]
andfullemployment,[289-91],[401],[403]
inGreatBritain,[276]Wages-Fund,[364],[366]
Wage-unit¾;defined,[41]
discussed,[41-5]
intheGeneralTheory,[245-8]
andmarginalefficiencyofcapital,[141],[147]
andpropensitytoconsume,[90-2],[95-6
],[107]
andmarginalpropensitytoconsume,[114-17
]
andemploymentfunction,[280-6]
andforeigninvestment,[336-7]
andliquidity-preference,[171-2],[180
]
andchangesinthequantityofmoney,[83],[171],[173],[230
],[232],[295-6],[298-304
],[307-9]
andnatureofmoney,[230],[232]
andquantitytheoryofmoney,[209],[295-6
],[298-304]
andprices,[295-6],[298-304
],[307-9]
inpre-warGreatBritain,[337]
infifteenth-andsixteenth-centurySpain,[337]
andMercantilisttheory,[340]Waiting¾;Casselon,[176]
Carveron,[176]
Pigouon,[188],[190]WallStreet,[159-60
],[172]
Walras,É;lé;mentsd\'Economiepure,oninterest,[176-7]
War¾;theMercantilistson,[348]
andfutureofcapitalism,[380-2]Wealth¾;savingandthedesirefor,[211-13
],[348]
fiscalpolicyandgrowthof,[95n]
inequalityof[110],[372-5]
gold-miningand,[130-1]
\'natural\'and\'artificial\',inMercantilisttheory,[341]Wealthycommunity¾;accumulationin,[219-20]
effectivedemandin,[220]
employmentin,[31]
themultiplierin,[125-6]
standardoflifein,[125-6]Wicksell\'s\'natural\'
rateofinterest,[183n],[242]
Wildduck,[183]
Windfallloss¾;defined,[57]andnetincome,[57-8],[92-5
]
andchangesofemployment,[288]Wood,G。H。,[395]
Workingcapital,see[Capital,working]
Yieldofassets,defined,[225]
Yieldofcapital¾;duetoscarcity,[213]Yieldofcapital,prospective¾;defined,[135]
relationof,tocurrentyield,[141]
andstability,[250],[252]
andmarginalefficiencyofcapital,[135-7
],[147],[246-8]
ourignoranceof[149-50]
andindividualsaving,[210-12]
estimationofinfuture,[221]