398 THE GENERAL THEORY OF EMPLOYMENT

Prime cost ( contd .)—

and Pigou’s Theory of Unemploy-ment, 272-3, 276Probability—

and uncertainty, 148 n.and stock-exchange valuations, 152and liquidity, 240Proceeds of employment—

defined, 24; 25, 55, 77, 89, 290and user cost, 66-7, 70marginal, 55, 70See alto IncomeProduction, elasticity of—

preliminary definition of, 230defined, 282-3

and employment function, 282-285

and properties of money, 230-231, 234-6, 238

and quantity theory of money,300, 304-6

Production, factor of—labour as the sole, 213-15Mercantilists and money as, 341Production, period of, 76, 214-217

defined, 287

Productivity of capital, and mar-ginal efficiency of capital, 137-H 1 .

and yield from capital, 213-17Productivity theory of wages,marginal, Marshall on, 140 n.Profit—

and employment function, 283,289-90

and over-saving, Hobson on,369-70

Profit, gross, of entrepreneurs, seeIncome of entrepreneursProfit, net, of entrepreneurs, seeIncome, net, of entrepreneursdefined, 57

discussed, 36-8, 59, 92and user cost, 68-9Profit, normal, and long- andshort-period supply price, 68in the Treatise on Money, 77Profit motive, and accumulation,335

Propensity to consume, to hoard, tosave, see Consume, propensityto; Hoard , propensity to; Save,propensity to

Prospective yield, see YieldProtection, 334-3

Provision, financial, see Supple-mentary costPsychological factors—the ultimate, 246-7and stability, 250-54Psychology of enterprise, 150-51,161-3

Psychology, mass, of investors, 154-I 59> tjz, 317

Public works, 116, 119, 127

Pye, Philip, 354

Pyramids, building of, 131, 220

Quantity of money, see Money ,quantity of

Quantity theory of money, seeMoney, quantity theory ofQuasi-stationary conditions, 220-21

Rate of discount, 135, 224Rate of interest, see Interest, rate ofRate of time-discounting, changesin, 93-4

Real demand schedule for labour,see Labour

Real income, see IncomeReal wages, see WagesRent, compared to Interest, byLocke, 343Rent factors—and money, 231

and elasticity of employment, 288Rentiers—future of, 221, 376and full employment, 290and reduction of money-wages,262

Replacement cost—defined, 135

and marginal efficiency of capital,!35

and Trade Cycle , 321, 323-4and user cost, 71and Douglas’ theory, 371“Return over cost, rate of”, IrvingFisher’s, 140-41

Ricardo , 3 n., 4 n., 5 n., 18, 32, 186,190-92, 244, 340, 367, 369Letters from Malthus to, 362, 363Principles of Political Economy,190-92