출처: J. M. Keynes, A Treatise on Money (October 31, 1930)
자료: http://catalog.hathitrust.org/Record/007150328 ; 차례
※ 발췌 / excerpts of which: Book Ⅲ, The Fundamental Equations of Money,
Chapter 9. Certain Definitions
Before we can formulate our Fundamental Equations, we must first make precise our use of certain terms.
(ⅰ) Income, Profits, Savings and Investment (p. 123)
(1) Income.ㅡWe propose to mean identically the same thing by the three expressions:
- (1) the community's money-income ;
- (2) the earnings of the factors of production ;
- and (3) the cost of production ;
and we reserve the term profits for the difference between the cost of production of the current output and its actual sale-proceeds, so that profits are not part of the community's income as thus defined.
More particularly we include in Income:
- (a) Salaries and wages paid to employees, including any payments made to unemployed or partially employed or pensioned employeesㅡthese being in the long run a charge on industry just as much as other outgoings to remunerate the factors of production ;
- (b) The normal remuneration of entrepreneurs ;
- (c) Interest on capital (including interest from foreign investments) ;
- (d) Regular monopoly gains, rents and the like.
- The entrepreneurs being themselves amongst the factors of production, their normal remunerationㅡthe definition of which for the present purpose will be given in (2) belowㅡis included in income, and, therefore, in the costs of production, under heading (b).
- But we exclude their windfall profits or losses represented by the difference (positive or negative) between the earnings, thus defined[※ including only the normal part of remuneration of entrepreneurs], of the factors of production and the actual sale proceeds.
- The income of holders of ordinary shares will include elements of each of the item (b), (c) and (d), and they will also be recipients of windfall profits and losses.
(2) Profits.ㅡThus the difference between the actual remuneration of the entrepreneurs, arrived at by deducting from the sale proceeds their outgoings (a), (c) and (d) above and their normal remuneration (b), is, whether positive or negative, the Profits.
Accordingly, whilst the amount of the entrepreneurs' normal remuneration must be reckoned, whether their actual remuneration exceeds it or falls short, as belonging to the income of the individuals who perform entrepreneur functions, the profits must be regarded, not as part of the earnings of the community (any more than an increment in the value of existing capital is part of current income), but as increasing (or, if negative, as diminishing) the value of the accumulated wealth of the entrepreneurs. If an entrepreneur spends part of his profits on current consumption, then this is equivalent to negative saving; and if he restricts his normal consumption because he is suffering windfall losses, this, on the other hand, is equivalent to positive saving.
To make this precise, however, we need to give a definition of entrepreneurs’ “normal” remuneration, which will enable us to divide their total receipts (positive or negative) between income on the one hand and profits (positive or negative) on the other. What is the most appropriate and convenient definition partly depends on the nature of the inquiry on hand. For my present purpose I propose to define the “normal” remuneration of entrepreneurs at any time as that rate of remuneration which, if they were open to make new bargains with all the factors of production at the currently prevailing rates of earnings, would leave them under no motive either to increase or to decrease their scale of operations.[*]
It has been suggested to me that, owing to the variety of ways in which the term Profits has been employed, both by economists and in business usage, it might be better to employ the term Windfalls for what I here call Profits. It may help some readers mentally to substitute this term; but for my own part I prefer the term Profits as carrying with it on the whole the most helpful penumbra of suggestion.
The fact that entrepreneurs have generally entered into long-term contracts with the factors of production, particularly in respect of fixed capital, is indeed of great importance. For it is the explanationㅡtaken in conjunction with the costs of shutting-down production and opening up again, so that results have often to be averaged over a period,ㅡof how there can be losses, i.e. of why entrepreneurs continue to produce though at a loss. And, just in the same way, the period which must elapse before the supply of specialised factors of production can be increased, and the long-time contracts (partly conditioned by the length of life of these specialised factors) into which entrepreneurs must enter to induce this increase of supply, are the explanations why, for a time, profits can exist.
(3) Savings.ㅡWe shall mean by Savings the sum of the differences between the money-incomes of individuals and their money-expenditure on current consumption.
Thus profits, not being part of the income of the community, are not part of its savings eitherㅡeven when they are not spent on current consumption.
(4) Investment.ㅡWe shall mean by the rate of Investment the net increment during a period of time of the capital of the community (as defined in the next section of this Chapter); and [:]
(ⅱ) Available and Non-Available Output (p. 127)
The current output [1] of the community, as distinguished from its money-income, is a flow of goods and services, which consists of two partsㅡ [:]
It follows that current consumption must be equal to the available output, plus subtractions from, or minus additions to, stocks of liquid consumers' goods which we shall call “hoards” ; and current investment must be equal to the non-available output plus additions to, or minus subtractions from, hoards. Thus consumption is governed by the amount of the available output(plus any drafts on hoards), not by that of the total output; whereasㅡso long as the money-rates of remuneration of the factors of production are unchangedㅡthe money-income of the community tends to move with the total output.
(ⅲ) The Classification of Capital (p. 128)
The stock of Real Capital or material wealth existing at any time is embodied in one or other of three forms:
There is, of course, no sharp line of division between fixed and liquid goods; we have a continuous series, each member of which has more duration of use or consumption than its predecessorㅡservices, foods, clothing, ships, furniture, houses, and so on. But the broad distinction is clear enough.
The goods existing at any time can also be classified into Finished Goods and Unfinished Goods. The finished goods consist of Final Goods which are for the enjoyment of the ultimate consumer, and Instrumental Goods, which are for use in process.
In the case of unfinished goods there is sometimes an ambiguity as to whether raw materials are best regarded as liquid or in process. In Vol. II Chap. 28 we shall complete our definition to the effect that normal stocks required for efficient business are part of Working Capital and therefore in process, whilst surplus stocks are to be regarded as liquid. Thus the unfinished goods existing at any time consist partly of Working Capital and partly of Liquid Capital.
It is convenient to reserve the term “Hoards” to mean the stock of Liquid Final Goods, and the term “Stocks” to mean other forms of Liquid Capital.
Thus [,]
The aggregate of the Real Capital and the Loan Capital we shall call the amount of Investmentㅡwhich, for a Closed System, is the same thing as the amount of the Real Capital; and the value of the aggregate Real and Loan Capital is the Value of the Investment. The increment of investment in any period is the net increase of the items belonging to the various categories which make up the aggregate of Real and Loan Capital; and the value of the increment of investment is the sum of the values of the additional items (minus, of course, the value of the items by which, in any particular case, the stock has been diminished). [1]
Accordingly, whilst the amount of the entrepreneurs' normal remuneration must be reckoned, whether their actual remuneration exceeds it or falls short, as belonging to the income of the individuals who perform entrepreneur functions, the profits must be regarded, not as part of the earnings of the community (any more than an increment in the value of existing capital is part of current income), but as increasing (or, if negative, as diminishing) the value of the accumulated wealth of the entrepreneurs. If an entrepreneur spends part of his profits on current consumption, then this is equivalent to negative saving; and if he restricts his normal consumption because he is suffering windfall losses, this, on the other hand, is equivalent to positive saving.
To make this precise, however, we need to give a definition of entrepreneurs’ “normal” remuneration, which will enable us to divide their total receipts (positive or negative) between income on the one hand and profits (positive or negative) on the other. What is the most appropriate and convenient definition partly depends on the nature of the inquiry on hand. For my present purpose I propose to define the “normal” remuneration of entrepreneurs at any time as that rate of remuneration which, if they were open to make new bargains with all the factors of production at the currently prevailing rates of earnings, would leave them under no motive either to increase or to decrease their scale of operations.[*]
[*] 케인스(1930년 9월)에서 균형 실질임금을 다음과 같이 정의한 것과도 유사한 생각: “I define ‘equilibrium’ real wages as those which are paid when all the factors of production are employed and entrepreneurs are securing normal returns, meaning by ‘normal’ returns those which leave them under no incentive either to increase or to decrease the money offers which they make to the factors of production.”Thus when the actual rate of entrepreneurs' remuneration exceeds (or fall short of) the normal as thus defined, so that profits are positive (or negative), entrepreneurs willㅡin so far as their freedom of action is not fettered by existing bargains with the factors of production which are for the time being irrevocableㅡseek to expand (or curtail) their scale of operations at the existing costs of production. When, however, an entrepreneur has entered into commitments which cannot be revised immediatelyㅡwhen, for example, he has sunk part of the resources over which he has obtained command in the form of fixed capitalㅡthen in certain easily conceivable circumstances it may not be worth his while, even though his profits are negative, to reduce his output until after the expiry of a period of time, the length of which depends on the character of the commitments which he has entered into; so that there may be a time-lag between profits turning negative and the full reaction of this on output.
It has been suggested to me that, owing to the variety of ways in which the term Profits has been employed, both by economists and in business usage, it might be better to employ the term Windfalls for what I here call Profits. It may help some readers mentally to substitute this term; but for my own part I prefer the term Profits as carrying with it on the whole the most helpful penumbra of suggestion.
The fact that entrepreneurs have generally entered into long-term contracts with the factors of production, particularly in respect of fixed capital, is indeed of great importance. For it is the explanationㅡtaken in conjunction with the costs of shutting-down production and opening up again, so that results have often to be averaged over a period,ㅡof how there can be losses, i.e. of why entrepreneurs continue to produce though at a loss. And, just in the same way, the period which must elapse before the supply of specialised factors of production can be increased, and the long-time contracts (partly conditioned by the length of life of these specialised factors) into which entrepreneurs must enter to induce this increase of supply, are the explanations why, for a time, profits can exist.
(3) Savings.ㅡWe shall mean by Savings the sum of the differences between the money-incomes of individuals and their money-expenditure on current consumption.
Thus profits, not being part of the income of the community, are not part of its savings eitherㅡeven when they are not spent on current consumption.
- They are not only the balancing figure which accounts for the difference between the value of the national output (or national dividend) and its cost of production, both in terms of money ;
- but they also account, as we shall see, for the difference between the value of the increment of the national wealth in any period and the aggregate of individual savings as defined above.
(4) Investment.ㅡWe shall mean by the rate of Investment the net increment during a period of time of the capital of the community (as defined in the next section of this Chapter); and [:]
- by the value of Investment, not the increment of value of the total capital, but the value of the increment of capital during any period.
- We shall define, therefore, that the value of current investment, as thus defined, will be equal to the aggregate of Savings and Profits, as thus defined.
(ⅱ) Available and Non-Available Output (p. 127)
The current output [1] of the community, as distinguished from its money-income, is a flow of goods and services, which consists of two partsㅡ [:]
- (a) the flow of liquid goods and services which are in a form available for immediate consumption, and
- (b) the net flow of increments (after allowing for wastage) to capital goods and to loan capital (to be defined more particularly in the next section) which are not in a form available for consumption.
[1] Meaning by this all output for which the factors of production are remunerated, including amongst the factors of production the owners of capital, and therefore including in output the current use of fixed consumption capital and income from foreign investments.The liquid or available output is made up of two streams, namely, (a) the flow of use accruing from fixed consumers' (or final) capital [※ 아마도 내구 소비재], and (b) the flow of consumers' (or final) goods emerging from the productive process in a liquid form.[2]
[2] Including in these, for the sake of convenience, not only goods the production of which occupies an appreciable time, but also goods the consumption and production of which are capable of proceeding almost pari passu, e.g. personal services; for there is no sharp line between the two.The non-available output is made up of (a) the excess of the flow of increment to unfinished goods in process over the flow of finished goods (whether fixed or liquid) emerging from the productive process, and (b) the excess of the flow of fixed capital goods emerging from the productive process over the current wastage of old fixed capital, together with the net increase in loan capital.
It follows that current consumption must be equal to the available output, plus subtractions from, or minus additions to, stocks of liquid consumers' goods which we shall call “hoards” ; and current investment must be equal to the non-available output plus additions to, or minus subtractions from, hoards. Thus consumption is governed by the amount of the available output(plus any drafts on hoards), not by that of the total output; whereasㅡso long as the money-rates of remuneration of the factors of production are unchangedㅡthe money-income of the community tends to move with the total output.
(ⅲ) The Classification of Capital (p. 128)
The stock of Real Capital or material wealth existing at any time is embodied in one or other of three forms:
- (1) Goods in use, which are only capable of giving up gradually their full yield of use or enjoyment.
- (2) Goods in process, i.e. in course of preparation by cultivation or manufacture for use or consumption, or in transport, or with merchants, dealers and retailers, or awaiting the rotation of the seasons.
- (3) Goods in stock, which are yielding nothing[,] but [which] are capable of being used or consumed at any time.
[1] A more detailed definition of Working Capital will be given in Volume II, Chapter 28.Working Capital is necessary because some goods take time to produce; and Fixed Capital is necessary because some goods take time to use or consume. Liquid Capital is only possible when goods will "keep".
There is, of course, no sharp line of division between fixed and liquid goods; we have a continuous series, each member of which has more duration of use or consumption than its predecessorㅡservices, foods, clothing, ships, furniture, houses, and so on. But the broad distinction is clear enough.
The goods existing at any time can also be classified into Finished Goods and Unfinished Goods. The finished goods consist of Final Goods which are for the enjoyment of the ultimate consumer, and Instrumental Goods, which are for use in process.
In the case of unfinished goods there is sometimes an ambiguity as to whether raw materials are best regarded as liquid or in process. In Vol. II Chap. 28 we shall complete our definition to the effect that normal stocks required for efficient business are part of Working Capital and therefore in process, whilst surplus stocks are to be regarded as liquid. Thus the unfinished goods existing at any time consist partly of Working Capital and partly of Liquid Capital.
It is convenient to reserve the term “Hoards” to mean the stock of Liquid Final Goods, and the term “Stocks” to mean other forms of Liquid Capital.
Thus [,]
- Finished Goods＝Final Goods plus Instrumental Goods＝Fixed Capital plus Hoards.
- Unfinished Goods＝Working Capital plus Stocks.
- Liquid Capital＝Stocks plus Hoards.
- Finished Goods plus Unfinished Goods＝Fixed Capital plus Working Capital plus Liquid Capital＝Aggregate Real Capital.
The aggregate of the Real Capital and the Loan Capital we shall call the amount of Investmentㅡwhich, for a Closed System, is the same thing as the amount of the Real Capital; and the value of the aggregate Real and Loan Capital is the Value of the Investment. The increment of investment in any period is the net increase of the items belonging to the various categories which make up the aggregate of Real and Loan Capital; and the value of the increment of investment is the sum of the values of the additional items (minus, of course, the value of the items by which, in any particular case, the stock has been diminished). [1]
[1] This enables us to clear up a point of definition which seems to me to have been unsatisfactorily handled by Prof. Pigou in the ^Economics of Welfare^ (3rd Edition), part i, chap. iv. The value of the National Dividend during any period is the value of the current consumption ^plus^ the value of the increment of investment as defined above.There is, however, still a further distinction, namely that between the production of Capital-goods and the production of Consumption-goods, of which we shall make more frequent use than of the above in the ensuing pages.
- We define the output or production of Capital-goods during any period as being the increment of Fixed Capital plus the increment of Working Capital which will emerge from the productive process as Fixed Capital;
- whilst that of Consumption-goods during any period is defined as the flow of available output plus the increment of Working Capital which will emerge as available output.
- Finally, the output or production of Investment-goods during any period is equal to the non-available output plus the increment of hoards.
(ⅳ) Foreign Lending and the Foreign Balance (p. 131)
When we are dealing with an international, and not with a closed, system, we must, first of all, adjust our definition of the national output. That part of current output which belongs to foreigners (e.g. because they have a claim on the factors of production which have gone to produce it) we exclude from the national output ; and similarly we must add to it the current output produced abroad which belongs to our own nationals. Further, where home-owned output of goods or services is exchanged for foreign-owned output of goods or services, we mustㅡwhen we are dealing with real output as distinct from its valueㅡsubstitute the foreign items thus received for the home items exchanged for them in our aggregate of national output.
Next, we propose to distinguish by definition between a country's “foreign lending” and its “foreign balance,” in a manner partly corresponding to the distinction made above between “saving” and “investment”.
Next, we propose to distinguish by definition between a country's “foreign lending” and its “foreign balance,” in a manner partly corresponding to the distinction made above between “saving” and “investment”.
- The balance of trade on income account, resulting from the excess of the value of home-owned output of goods and services (other than gold), whether produced at home or abroad, placed at the use and disposal of foreigners, over the value of the corresponding foreign-owned output placed at our use and disposal, we shall call the country's Foreign Balance, which may, of course, be positive or negative.
- By Foreign Lending, on the other hand, we propose to mean what might, perhaps, be called the unfavourable balance of transactions on capital account, i.e. the excess of the amount of our own money put at disposal of foreigners through the net purchase by our nationals of investments situated abroad, over the corresponding amount expended by foreigners on the purchase of our investments situated at home.[1]
[1] Loan Capital must be regarded as situated in the country of the debtor (whatever currency it may be expressed in).The reader will notice that there is a further item entering into the international balance-sheet, namely, movements of gold, which we have excluded from the Foreign Balance. Since the international balance-sheet must always balance, this item must account for any difference between the value of current Foreign Lending and that of the current Foreign Balance; i.e. the former is equal to the latter plus the current exports of gold.[2]
- ※ Foreign Lending＝Foreign Balance＋Gold Exports. (－)자본수지＝경상수지＋금 유출액. 국외여신을 순수출(B)로 국외에 벌어들인 금으로 충당하면 L＝B가 균형이 이루엊지지만, B가 모자라서 L>B가 되면 그 차이를 G(금 유츌)이 메우게 된다.
[2] "Ear-marked" gold must be regarded as having been exported and being, therefore, situated abroad.Thus we use the term “foreign lending” to describe the financial transactions of placing our own domestic money or claims of it at the disposal of a foreigner in return for some kind of bond or title to property or future profits, and correspondingly with “foreign borrowing”. The “foreign balance”, on the other hand, arises out of the material transactions which take place when a part of the community's current output, as defined above, is transferred into the hands of foreigners, instead of being utilised at home.
- By Home Investment we shall mean the increment of total capital situated at home, exclusive of gold ;
- by Foreign Lending the increment of home-owned capital situated abroad, also exclusive of gold ;
- and by Total Investment the sum of Home Investment, Foreign Lending and Imports of Gold.
- Since the Foreign Balance is equal to the sum of the Foreign Lending and the Imports of Gold, it is the amount of the Foreign Balance, rather than that of Foreign Lending, which it is convenient to call Foreign Investment. For with this definition the Total Investment is equal, as it ought to be, to the sum of the Home Investment and of the Foreign Investment.
※ Total Investment＝Home Investment＋(Foreign Lending＋Gold Imports)＝Home Investment＋(Foreign Balance)＝Home Investment＋(Foreign Investment), so that Foreign Balance＝Foreign Investment.
※ Chapter 9 ends here on p. 132.
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