402 THE GENERAL THEORY OF EMPLOYMENT
Units, the choice of the funda-mental, 37-45, 214Unsold goods, see Stocks, surplus,and Capital, liquidUser cost, 53-5, 58, 66-73
preliminary definition, 23defined, 53
discussed in detail, 53-5, 66-73and income, 58and “financial prudence”, 109in stationary state, 146and surplus equipment, 109and wastage, 99Marshall and, 72Pigou and, 72
User cost, marginal, 54, 67, 72and return on capital, 139changes in, 302-3and rising prices, 290Usury laws, 241, 340, 351-3Utility—
of capital, marginal, 137; Mar-shall’s use of, 139-40of money, 231of wages, 5
of wages, marginal, 283
Variables, dependent and independ-ent, of General Theory, 245-247
Velocity of circulation of money, seeMoney
Vested interests, 383Voluntary unemployment, defined,6; 8, 16
Wages—
Wages, Marshall on marginal pro-ductivity theory of, 140 n.Wages, utility of, 5
marginal utility of, 253Wages bill and the demand formoney, 11, 263-4Wage-cost, its identification withprime cost, 272-3, 276and prices, 299-300, 302Wage-goods, 7
their carrying-cost, 239in Pigou ’s Theory of Unemploy-ment, 272-9, 301Wages, money—
changes in, in classical theory,257-6 o, 284
Wages (contd .)—
Wages, money (contd .)—
effects of changes in, analysed,260-69
stability and changes in, 251-3,269-71, 303-4their rigidity, 257, 266and full employment, 289in Great Britain , 276and nature of money, 232-3,237-9
in Pigou ’s Theory of Unemploy-ment, 272, 275-7
Wages, money-, elasticity of, de-fined, 285; 304-6Wage policy, 266-71, 339 n.
in classical theory, 5-18, 21-2,259, 284
Pigou on, 13, 238-9, 272-8nature of resistance to reduc-tions of, 264
effects of policy fixing, 269-70and full employment, 289-91in Great Britain , 276Wages-Fund, 364, 366Wage-unit—defined, 41discussed, 41-5in the General Theory , 245-8and marginal efficiency ofcapital, 141, 147and propensity to consume,90-92, 95-6, 107and marginal propensity toconsume, 114-17and employment function, 280-286
and foreign investment, 336-7and liquidity-preference, 171-2,180
and changes in the quantity ofmoney, 83, 171, 173, 230,232, 295-6, 298-304, 307-9and nature of money, 230, 232and quantity theory of money,209, 295-6, 298-304and prices, 295-6, 29S-304,
3 ° 7-9
in pre-war Great Britain , 337in fifteenth- and sixteenth-century Spain , 337and Mercantilist theory, 340