390 THE GENERAL THEORY OF EMPLOYMENT

Entrepreneurs ( contd .)—

and the Stock Exchange , 151,316 n.

and future policy, 376-7Equilibrium—and bank rate, 339and employment, 249and elasticity of employment, 287-288

and full employment, 289-91and fluctuating exchanges, 270and the rate of interest, 217-20,242-4

of money and assets, 227of money and interest, 199-201and prices, 64Equilibrium, long-period—and supply price, 68-9and the rate of interest, 180, 190-

- 1 ? 1

Equities, ownership of, dissociatedfrom management, 153and the Stock Exchange , 151 n.,

319

Euclidean geometers, classical eco-nomists compared with, 16Europe , post-war trade restric-tions in, 338Exchanges—

fluctuating, and wage policy,270

rigid, and British foreign invest-ment, 339

Expectation, 46-51, 147-64, 293-294

and the productivity of capital,i3 8

and present and future consump-tion, 210

of changes in present and futureincome, 95

and liquidity, 197-9, 201-2, 205and changes in value of money andoutput, 141-2, 237-9and quantity of money, 298and the Trade Cycle , 315, 320-22,327

and money-wages, 69 n. 3 238, 263-265, 301

of future yield, 136, 147, 247long-term, defined, 47-8; 51, 147-164, 246

short-term, defined, 47-8; 50-51,148

Fable of the Bees , Mandeville’s,i°6, 359-62Factor cost—

defined, 23, 53, 67average, 69-70

marginal, 55, 67, 69-71, 272 n.Federal reserve system, 327Financial provision, see Supple-mentary cost

Financial prudence, 100-101, 105,109

and liquidity, 155and recovery in the United States, 100, 128Fiscal policy—

and the propensity to consume,94-5

and wage policy, 263Fisher, Irving, 140-43, 355, 357“Flight from the currency”, 207,306, 329

Fluctuations, 97, 250-54, 307, seeTrade Cycles

Flux, A. W., on Interest, 176“Forced frugality”, Bentham on, 80Forced saving, see SavingForeign investment, see Investment,foreign

Foreign trade in classical economics,333

in future, 382and mercantilism, 333-50,and the multiplier, 120Fortrey, S., 344, 359Free Trade , 333-4, 350Hobson on, 368

Frictional unemployment, see Un-employment, frictionalFull employment, see Employment,full

Fullarton, ]., On the Regulation ofCurrencies , 364 n.

“Future ” and “spot” prices, 222-4

George, Henry, 354, 355, 365Gesell , Silvio, 32, 353-8; 37U 379Gold, suitability of, as money, 236mining, 130-31, 200, 230-31own-rate of interest of, 229Gold standard, and the productionof money, 230-31and balance of trade, 337-8, 349and the Mercantilists , 348-9and war, 381-2