386 THE GENERAL THEORY OF EMPLOYMENT

Capital (contd .)—

stock of—assumed given, 245;^measurement, 37, 43; and in-come, 52-4, 56; and invest-ment, 62-3; and user cost, 66;and depreciation, 99-106; andexpected yield, 147; and rateofinterest, 217-20; andTradeCycle, 315, 3*7“i 8supply price of, 135, 248, 252unforeseen increase in output of,122-5

Capital, marginal efficiency of—defined, 135-6introduced, 28, 31discussed, 135-64. an independent variable, 245-9and commodity standards, 224-225

in crises, 207

and price of equities, 151 and

«•, 15 8

and rate of interest, 111-12,136-137, 142-6, 165, 218-20and money- and own-rates ofinterest, 222-3, 228and interest policy, 375and liquidity-preference, 170and money, 173-4? 224-5, 234,298

and public works, 120and stability, 250-51, 253and the State, 164, 220and the Trade Cycle , 313-20,323-4

and wages, 232-3, 260-65, 269-270

in nineteenth century, 307-8to-day, 308-9in future, 220-21, 375in economic doctrine, 139-41and Fisher’s theory, 140-42and GeselTs theory, 355-6Marshall on, 139-40in von Mises, Hayek and Rob-bins, 192-3

Pigou and, 190, 274, 278and Ricardo’s theory, 192and usury laws, 351-2Capital, schedule of marginal effi-ciency of—defined, 136

its significance, 145-6, 184and investment, 165, 375

Capital {contd .)—

and classical theory, 178

See Investment demandschedule

Capital accumulation—

and propensity to consume, 112,

349

and liquidity premium on land,241-2

in wealthy community, 31, 219-220, 335, 348its future, 372-3, 375and GeselTs theory, 355Hobson on, 367-8Marshall on, 242and Mercantilist thought, 344“Capital consumption”, 76, 329Capital, fixed—and investment, 75and the Trade Cycle, 319and user cost, 73

Capital formation, gross and net,in United States, Kuznets on,102-4

Capital, instrumental, character-istics of, 226

Capital, liquid, and expectation, 50and user cost, 73Hawtrey on, 75-6Capital profits, taxes on, 94-5Capital, working—and expectation, 49-50and investment, 75and reduction of wages, 262and prime cost, 273 n.and the Trade Cycle, 318-19

Capitalism, future trends in, 221,309, 372-83

Carrying-cost, defined, 225discussed, 225-8, 240and land, 241and money, 233-4, 237-9and surplus stocks, 317-18Gesell on, 355-7

Carver, T. N., on interest, 176 and n.

Cary, J-, 359

Cash, see Money

Cassel, G., on interest, 176, 182, 188Pigou on, 188

Central Bank, 206, 235, see alsoBanking System, MonetaryPolicy

Chalmers, 369

Child, J., 342