Book contents
- Frontmatter
- Contents
- General Introduction
- Editorial Introduction
- Preface
- Preface to the German Edition
- Preface to the Japanese Edition
- Preface to the French Edition
- Book I Introduction
- Book II Definitions and Ideas
- Book III The Propensity to Consume
- Book IV The Inducement to Invest
- Book V Money-wages and Prices
- Book VI Short Notes Suggested by the General Theory
- Appendix 1 Printing Errors in the First Edition
- Appendix 2 Fluctuations in Net Investment in the United States (1936)
- Appendix 3 Relative Movements of Real Wages and Output (1939)
- Index
Appendix 2 - Fluctuations in Net Investment in the United States (1936)
Published online by Cambridge University Press: 05 November 2012
- Frontmatter
- Contents
- General Introduction
- Editorial Introduction
- Preface
- Preface to the German Edition
- Preface to the Japanese Edition
- Preface to the French Edition
- Book I Introduction
- Book II Definitions and Ideas
- Book III The Propensity to Consume
- Book IV The Inducement to Invest
- Book V Money-wages and Prices
- Book VI Short Notes Suggested by the General Theory
- Appendix 1 Printing Errors in the First Edition
- Appendix 2 Fluctuations in Net Investment in the United States (1936)
- Appendix 3 Relative Movements of Real Wages and Output (1939)
- Index
Summary
In my General Theory of Employment, Interest and Money, chap. 8, pp. 98–104, I made a brief attempt to illustrate the wide range of fluctuations in net investment, basing myself on certain calculations by Mr Colin Clark for Great Britain and by Mr Kuznets for the United States.
In the case of Mr Kuznets' figures I pointed out (p. 103) that his allowances for depreciation, etc., included ‘no deduction at all in respect of houses and other durable commodities in the hands of individuals’. But the table which immediately followed this did not make it sufficiently clear to the reader that the first line relating to ‘gross capital formation’ comprised much wider categories of capital goods than the second line relating to ‘entrepreneurs’ depreciation, etc.'; and I was myself misled on the next page, where I expressed doubts as to the sufficiency of the latter item in relation to the former (forgetting that the latter related only to a part of the former). The result was that the table as printed considerably under-stated the force of the phenomenon which I was concerned to describe, since a complete calculation in respect of depreciation, etc., covering all the items in the first line of the table, would lead to much larger figures than those given in the second line. Some correspondence with Mr Kuznets now enables me to explain these important figures more fully and clearly, and in the light of later information.
- Type
- Chapter
- Information
- The Collected Writings of John Maynard Keynes , pp. 386 - 393Publisher: Royal Economic SocietyPrint publication year: 1978
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