112 THE GENERAL THEORY OF EMPLOYMENT BK. III

depends on how far the rate of interest is favourableto investment, after taking account of the marginalefficiency of capital .1 No, this is an overstatement. Ifthe rate of interest were so governed as to maintaincontinuous full employment, Virtue would resume hersway;—the rate of capital accumulation would dependon the weakness of the propensity to consume. Thus,once again, the tribute that classical economists pay toher is due to their concealed assumption that the rateof interest always is so governed.

1 In some passages of this section we have tacitly anticipated ideas whichwill be introduced in Book IV.