388 THE GENERAL THEORY OF EMPLOYMENT
Consumption (contd .)—
and changes in money-wages, 261-3and Robertson’s definition of in-come, 78
Hobson on, 367-9Consumption-goods—
their period of production, 287Consumption, under-, see Under-consumption
Convention and Stock Exchangevaluations, 152-3and the rate of interest, 203-4Credit, see Money, quantity ofthe state of, 158
Crises, and the Trade Cycle, 314-20financial, in Europe and theUnited States, 207, 329Curtius, 353 n.
Cycles, Trade, see Trade Cycles ,Fluctuations
Cyclical movements and a zero rateof interest, 218
Davenant, C., 345Death duties, 95, 372-3Debts and money, the distinctionbetween, 167 n.
burden of, and changes in money-wages, 264, 268, 271Child on, 342
Deficit, budgetary, 98, 128-30Deflation, apparent asymmetry be-tween inflation and, 291and reduction of stocks, 331-2Demand—
Demand curve, see DemandSchedule
Demand, aggregate, 104, 123, 258,279
Demand, effective—defined, 25, 55the principle of, 23-34and demand schedules, 259elasticity of, 305and employment, 260-61and employment function, 280-291
and entrepreneurs, 380-81
and expectation, 147
and financial prudence, 100
and income, 55
in long run, 307
and prices, 209, 295-305
Demand (contd .)—
and processes of production, 215and individual saving, 211-13and stability, 251-2and user cost, 69 n.in wealthy communities, 31, 220in classical economics, 25-6,32-4and Gesell, 358and Hawtrey ’s theory, 76Malthus on, 32, 362-4and Mercantilist thought, 358and Treatise on Money , 78-9Demand function, the aggregate—defined, 25; 32, 40, 55, 77, 89Demand function for labour, thereal, see Labour, Pigou ’s realdemand function forDemand schedule for employ-ment in classical theory, 6for investment, see Investmentdemand schedule
Demand schedules, the natureand assumptions of, 258-60,281
Deposit, bank, see Bank deposits
Deposit interest, 196
Depreciation—and user cost, 69on houses, 99-102in the United States , 102-3
Diminishing returns—
in short period, 81, 83, 91-2, 114,121-2, 289, 302, 305-6, 328and choice of wage-unit, 42, 299-300
Discount, rate of, 135, 225
Disinvestment, 67, 75, 105, 318, 329and user cost, 67
Dis-saving, 82, see also Saving, nega-tive
Disutility of labour, of employ-ment, marginal, see Labour,marginal disutility of
Dividend , National, and choice ofunits, 37-9Pigou on, 5 n., 59See also Income
Division of labour, international,333) 33 8 > 3 8 i
Douglas, C. H., 32, 370-71
Economics, the divisions of, 292-4Classical, see Classical theory
Edgeworth, F. Y., 3 n ., 19, 32, 186