By John Maynard Keynes
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Extra resources for The General Theory of Employment, Interest, and Money (Great Minds Series)
The saving and the investment, which are relevant to the theory of employment, are clear of this defect, and are capable of objective definition, as we have shown above. Thus it is a mistake to put all the emphasis on net income, which is only relevant to decisions concerning consumption, and is, moreover, only separated from various other factors affecting consumption by a narrow line; and to overlook (as has been usual) the concept of income proper, which is the concept relevant to decisions concerning current production and is quite unambiguous.
Moreover the richer the community, the wider will tend to be the gap between its actual and its potential production; and therefore the more obvious and outrageous the defects of the economic system. For a poor community will be prone to consume by far the greater part of its output, so that a very modest measure of investment will be sufficient to provide full employment; whereas a wealthy community will have to discover much ampler opportunities for investment if the saving propensities of its wealthier members are to be compatible with the employment of its poorer members.
For, although output and employment are determined by the producer's short-term expectations and not by past results, the most recent results usually play a predominant part in determining what these expectations are. It would be too complicated to work out the expectations de novo whenever a productive process was being started; and it would, moreover, be a waste of time since a large part of the circumstances usually continue substantially unchanged from one day to the next. Accordingly it is sensible for producers to base their expectations on the assumption that the most recently realised results will continue, except in so far as there are definite reasons for expecting a change.
The General Theory of Employment, Interest, and Money (Great Minds Series) by John Maynard Keynes