108 THE GENERAL THEORY OF EMPLOYMENT BK. III

(iv) To enjoy a gradually increasing expenditure,since it gratifies a common instinct to look for-ward to a gradually improving standard of liferather than the contrary, even though thecapacity for enjoyment may be diminishing;

(v) To enjoy a sense of independence and the powerto do things, though without a clear idea ordefinite intention of specific action;

(vi) To secure a masse de manœuvre to carry outspeculative or business projects;

(vii) To bequeath a fortune;

(viii) To satisfy pure miserliness, i.e. unreasonable butinsistent inhibitions against acts of expenditureas such.

These eight motives might be called the motivesof Precaution, Foresight, Calculation, Improvement,Independence, Enterprise, Pride and Avarice; andwe could also draw up a corresponding list of motivesto consumption such as Enjoyment, Shortsighted-ness, Generosity, Miscalculation, Ostentation andExtravagance.

Apart from the savings accumulated by individuals,there is also the large amount of income, varyingperhaps from one-third to two-thirds of the total ac-cumulation in a modern industrial community such asGreat Britain or the United States, which is withheldby Central and Local Government, by Institutionsand by Business Corporations—for motives largelyanalogous to, but not identical with, those actuatingindividuals, and mainly the four following:

(i) The motive of enterprise—to secure resources tocarry out further capital investment withoutincurring debt or raising further capital on themarket;

(ii) The motive of liquidity—to secure liquid resourcesto meet emergencies, difficulties and depressions;