Title: A CRITICAL NOTE ON D. H. ROBERTSON'S THEORY OF SAVINGS AND INVESTMENT (I)
Abstract:Irr the previous article, I have explained period analysis as a method of analysing the economic changes, especially in its causal aspects. Now, this method is almost exclusively employed in definin...Irr the previous article, I have explained period analysis as a method of analysing the economic changes, especially in its causal aspects. Now, this method is almost exclusively employed in defining the relation Savings-Investment which is very important in the process of economic changes. In order to discuss this application, I will contrast it with the theory which J. M. Keynes develops in A Treatise on Money (1930). The system of fundamental concepts, which Keynes uses in this book and especially in its fundamental equations is so famous that I need not recapitulate it here. What claims our attention is, however, all his fundamental notions used here are also defined as the retrospective magnitudes, in just the same manner as in his General Theory of Employment, Interest and Money (1936). So long as this ex post point of view, so to speak, is upheld in constructing the conceptual scheme, profit Q is always identical to the excess of investment I over savings S. It is a necessary consequence of the Keynes' definition of income E and savings S, by which extraordinary profitsRead More
Publication Year: 1941
Publication Date: 1941-01-20
Language: en
Type: article
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Cited By Count: 2
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