4 oo THE GENERAL THEORY OF EMPLOYMENT

Speculation ( contd .)—

in the United States , 158-60, 323in Great Britain , 159-60Speculative motive to liquidity, seeLiquidity

Speculators, professional, 154-64, 316“Spot*’ prices, 222-3Sraffa , P., 223 n.

Stability—

conditions of, 64, 250-54and prices, 64, 239, 250-53, 270-271, 288-9

and wage policy, 269-71Stamped money, 234, 257-8, 357-8Standard of life, and consumption,97, 218-19, 2 62Standard, monetary—

and nature of money and interest,224-5, 228-30, 236risk of changes in, 144in the nineteenth century, 308See also Gold standardState—

p and borrowing for unemployed,2 5 }

and investment, 106, 164, 220-21,320, 325, 335, 349, 351, 376-7,380

printing money, and liquidity, 200State Socialism, 378Stationary state—depreciation in, 99and calculation of yield, 139, 145-146

liquidity-function in, 208its place in economics, 293Stationary state, the quasi-, 220-21Stephen, Leslie, on Mandeville’sFable of the Bees , 359-60Stock exchanges, 75, 150-64, 199and Trade Cycle, 316, 319-20Stocks, 47, 124

in financial crises, 207Stocks, surplus—carrying - costs of, and TradeCycle, 317-19characteristics of, 226and elasticity of employment,288

Hawtrey on, 51 n.and New Deal, 331-2and user cost, 70-71Substitution, elasticity of, 231, 234,236, 238

Supplementary cost—defined, 56

and consumption, 98-106, 109and income, 56-9and the multiplier in the UnitedStates, 128

and user cost, 68-9, 73in Douglas’s theory, 370Supplementary cost, basic, de-fined, 59

Supplementary cost, current—defined, 59and user cost, 70-71Supply—

Supply and demand, place of, ineconomics, 292-4Supply of labour, see LabourSupply curve, the ordinary, 281relation of, to aggregate supplyfunction, 44-5

Supply, elasticity of, see Produc-tion, elasticity ofSupply function, aggregate—defined, 25; 29and choice of units, 42 n.and ordinary supply curve, 44-45

the inverse of the employmentfunction, 89, 280-81of particular industries, 55115-16, 173, 246for industry as a whole, 55 n.Supply price, aggregate—defined, 25

and user cost, 29 n., 55 n., 67and consumption, 30, 98Supply price, and user cost, 5567-8, 71

Supply price of an investment,defined, 135 5 135-6, 147, 248Supply price, long-period, 68Supply price, normal, and equi-librium, 228

Supply price, short-period, 67-8,328

Surplus stocks, see Stocks, surplusSur-tax—and liquidity, 309and inequality of wealth, 372

Tastes, 147, 221, 245Taussig, F. W., on interest, 176Taxation—

and inequality, 372-3