INDEX

39 1

Government, see StateGreat Britain—

Central Bank control in, 206employment and the rate of in-terest in, 219-20full employment in, 323-4employment and foreign trade inpre-war years in, 337, 348employment and bank rate in, 339Free Trade in nineteenth centuryin, 338

redistribution of income in, 372Clark’s estimate of investment in,102

post-war investment and sinkingfunds in, 101-2

contemporary mercantilism in,333

opinion and the monetary systemin, 172

the multiplier in, 122

real and money wages in, 276

Hales, Discourse of the Common Weal,345

Hansen, Alvin, Economic Recon-struction , 193Harrod, R. F., 180 n.

Harvests and Trade Cycle, 329Hawtrey, R. G., 51 n., 72 11., 75-6,79 «■

Hayek , F. von, 39 n., 59-60, 79, 80,192

Heckscher, E., Mercantilism , 341-50,35 8

Hoard , propensity to, 208-9, seeLiquidity functionHoarding and liquidity, 160-61,174

Hoards, the Mercantilists on, 344-5Hobson, J. A., 19 n., 364-71Hume, essay On Money, 343 n.

Imports, restriction of, 338-9Improvement, motive of, 109, seeConsume, propensity toIncome—

Income, aggregate—defined, 53-4

preliminary definition, 23-4definition discussed, 52-61and savings and investment, 63,74

and user cost, 67

Income (< :ontd .)—

Income, aggregate ( contd .)—Robertson’s definition, 78-9Marshall’s definition, 59in Treatise on Money, 60, 77and propensity to consume, 91-92, 94, 96-7, 248its distribution, 321, 372-5and employment, 28, 258and investment, 117, 180-82,248

and classical theory of interest,178-9

and leisure, to-day, 326and liquidity, 171-2, 196-7, 199and money in long run, 306-9and quantity theory of money,208-9

statistics of, and the multiplier,127-8

and ordinary supply and de-mand curves, 281-2a dependent variable, 245-7and Hobson’s theory, 369Income, aggregate net—defined, 57discussed, 57-61

and propensity to consume, 92,9 8

and definition of investment, 75Income of entrepreneurs—defined, 53discussed, 53-4

and elasticity of employment,287

in Treatise on Money, 60-61Income, net, of entrepreneurs—defined, 57

discussed, 56-8, 59, 92and user cost, 68-90Income, real—

and consumption, 91-2, 251and employment, 28, 114and change in money-wages,262-3

Income-deposits, 194-5Income-motive, see Liquidity-pre-ference

Income-velocity of money, seeMoney , income-velocity ofIncome tax—

and propensity to consume, 94and inequality of wealth, 372and liquidity, 309