Capital and Employment. A Study of Keynes's Economics by Murray Milgate

By Murray Milgate

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Extra info for Capital and Employment. A Study of Keynes's Economics

Example text

This rate cannot be deduced without first specifying the 'quantity of capital' (see Garegnani, 1958, p. 119 and pp. 138-139; and 1976, PP. * In the light of what has been said above, it becomes clear just what Edgeworth was driving at in the passage quoted at the beginning of this chapter when he borrowed Marshall's motto 'the many in the one' (1920, title page) to describe the structure of marginalist theory. The point is simply that the same explanation (the mutual interaction between demand and supply) serves to determine not only the relative prices of commodities, the rate of interest (profit) and the wage-rate, but also the levels of output of commodities and the levels of utilisation (employment) of 'factors of production'.

And] upon its advantageous distribution"! (1951-1973, vol. V, p. 501). ). f That is, upon it being 'distributed' in such a way as to realise the general rate of profit in all its employments (cf. Ricardo, 1951-1973, vol. IV, p. 35). 40 CAPITAL AND EMPLOYMENT condition is not sufficient to guarantee the full employment of labour at that stock of capital. Again we may quote Ricardo: "to say that there is a great abundance of labour, is to say that there is not an adequate capital to employ it" (1951-1973, vol.

17). f The usual justification for this argument is that in a stationary-state "we do not trouble about dating" (Hicks, 1946, p. 115) whereas in dynamics "every quantity must be dated" (p. 115). Φ This does not necessarily imply that the rate of interest (profit) is zero (cf. Robbins, 193O3 pp. 212-214; Schumpeter, 1934, pp. 34-38; Samuelson, 1943 and 1971; Whitaker, 1971). 30 CAPITAL AND EMPLOYMENT That is to say, the competitive tendency towards uniformity of profitrates is all that is required for the application of long-period normal conditions as the object of analysis.

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