[발췌: 일반이론 8장] The Propensity to Consume: I. Objective Factors

출처: The General Theory of Employment, Interest and Money (Keynes, 1936)
자료: MIA(html); eBook; single PDF; Gutenberg(html) (cf. my catalog of his writings)

※ This is a reading note with excerpts taken, and personal annotations and remarks added, in trying to understand the above text. So, to see the original please visit the above source links. [일반이론 독서메모 (my reading notes of Keynes's General Theory)

※ 발췌(excerpts):

* * *

(... ...)

IV

(... ...)

That it is investment, rather than net investment, which emerges from the statistics of output, is brought out forcibly and naturally in Mr Colin Clark's ^National Income, 1924-1931^[6]. He also shows what a large proportion depreciation, etc., normally bears to the value of investment. For example, he estimates that in Great Britain, over the years 1928-1931, the investment and the net investment were as follows, though his gross investment is probably somewhat greater than my investment, inasmuch as it may include a part of user cost, and it is not clear how closely his 'net investment' corresponds to my definition of this term.

(...)

Mr Kuznets has arrived at much the same conclusion in compiling the statistics of the ^Gross Capital Formation^ (as he calls what I call investment) in the United States, 1919-1933. The physical fact, to which the statistics of output correspond, is inevitably the gross, and not the net, investment. Mr Kuznets has also discovered the difficulties in passing from gross investment to net investment. 'The difficulty', he writes, 'of passing from gross to net capital formation, that is, the difficulty of correcting for the consumption of existing durable commodities, is not only in the lack of data. The very concept of annual consumption of commodities that last over a number of years suffers from ambiguity.[7] He falls back, therefore, (...)