Title: Keynes on the Nature of Capital: An interpretation of The General Theory's Chapter 16
Abstract:Chapter 16 of The General Theory contains an analysis designed to interpret the long-run effects of saving decisions and capital accumulation on employment and aggregate income. In a discussion aimed ...Chapter 16 of The General Theory contains an analysis designed to interpret the long-run effects of saving decisions and capital accumulation on employment and aggregate income. In a discussion aimed at providing a basis for this analysis, Keynes argued that the concept of roundaboutness−or average period of production−did not provide a general explanation of the origin of the return on capital and was not a general description of capital itself. The alternative view put forward by Keynes described capital as a set of heterogeneous commodities yielding a return according to their scarcity.Read More
Publication Year: 2000
Publication Date: 2000-04-01
Language: en
Type: article
Indexed In: ['crossref']
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Cited By Count: 1
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