지은이: Professor of political economy at Concordia university in Montréal, Québec, Canada.
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- See both Keynes’s A Treatise on Money vol.1 ch.10 and Robert Dimand’s work The Origin of the Keynesian Revolution and his chapter on the Treatise and the fundamental equations.
- See also Mario Seccareccia’s working paper,“Aspects of a new conceptual integration of Keynes’s Treatise on Money and the General Theory: Logical Time Units and Macroeconomic Price Formation,” April 2002; and
- Fausto Vicarelli, Keynes the Instability of Capitalism, Philadelphia: University of Pennsylvania press, 1984, pp. 65 ff; and
- A. Asimakopulos, Keynes’s General Theory and Accumulation, Cambridge : Cambridge University Press, 1991. pp. 13-17.
These symbols are as follows:
- O : total output of goods in a physical sense per unit of time. So that O = R+C
- R : volume of liquid consumption goods and services flowing on to the market per unit of time.
- C : the net increase of Investment goods in physical units.
- E : earnings of community or factors of production per unit of time or cost of production
- S : savings that is difference between money income and money expenditure on current consumption E-R =S
- I’ : cost of production of new investment that is the current output of investment goods
- I : value in price terms of the current new output of investment goods
- P : price level of liquid consumption goods and services, the reciprocal of the purchasing power of money
- P’ : the price level of investment goods
- π : price level of output as a whole
- Q1 : windfall profits in consumption goods sector
- Q2 : windfall profits in investment goods sector
- Q : windfall profits for the economy as a whole ; not included in E or S so that Q=Q1+Q2
- W : rate of earnings per unit of human effort so that its inverse 1/W is the labour power of money.
- W1 : rate of earnings per unit of output E/O that is the rate of efficiency earnings and
- e : the co-efficient of efficiency such that W=eW1 so that e measures units of output per unit of human labour. So, for example, assume the wage is $10 per hour and five units of output are produced in an hour.Hence $10/5 =$ 2 the amount of labour cost in a unit of output. and e=5 so that eW1=$10 the hourly wage.
- M1 : income deposits, cash held by individuals
- M2 : business deposits cash deposits held by entrepreneurs
- M3 : savings deposits, held as investments, not to finance expenditures
- Vi : velocity of circulation of Mi i =1,2, 3
- L : foreign lending private capital account
- B : foreign balance current account
- G : gold outflow or other balancing transactions G=L-B