in the ordinary sense of this term;-which agrees with common sense. Hence, since the income of the rest of the community is equal to the entrepreneur's factor cost, aggregate income is equal to A - U.
Income, thus defined, is a completely unambiguous quantity. Moreover, since it is the entrepreneur's expectation of the excess of this quantity over his out goings to the other factors of production which he endeavours to maximise when he decides how much employment to give to the other factors of production, it is the quantity which is causally significant for employ ment.
It is conceivable, of course, that G - A, may exceed G-B', so that user cost will be negative. For example, this may well be the case if we happen to choose our period in such a way that input has been increasing during the period but without there having been time for the increased output to reach the stage of being finished and sold. It will also be the case, whenever there is positive investment, if we imagine industry to be so much integrated that entrepreneurs make most of their equipment for themselves. Since, however, user cost is only negative when the entre- preneur has been increasing his capital equipment by his own labour, we can, in an economy where capital equipment is largely manufactured by different firms from those which use it, normally think of user cost as being positive. Moreover, it is difficult to conceive of a case where marginal user cost associated with an increase in A, i.e. will be other than positive. dA'
It may be convenient to mention here, in anticipa- tion of the latter part of this chapter, that, for the com munity as a whole, the aggregate consumption (C) of the period is equal to (A-A,), and the aggregate invest ment (1) is equal to (A, -U). Moreover, U is the individual entrepreneur's disinvestment (and - U his investment) in respect of his own equin
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英語
54 THE GENERAL THEORY OF EMPLOYMENT #
in the ordinary sense of this term;-which agrees with common sense. Hence, since the income of the rest of the community is equal to the entrepreneur's factor cost, aggregate income is equal to A - U.
Income, thus defined, is a completely unambiguous quantity. Moreover, since it is the entrepreneur's expectation of the excess of this quantity over his out goings to the other factors of production which he endeavours to maximise when he decides how much employment to give to the other factors of production, it is the quantity which is causally significant for employ ment.
It is conceivable, of course, that G - A, may exceed G-B', so that user cost will be negative. For example, this may well be the case if we happen to choose our period in such a way that input has been increasing during the period but without there having been time for the increased output to reach the stage of being finished and sold. It will also be the case, whenever there is positive investment, if we imagine industry to be so much integrated that entrepreneurs make most of their equipment for themselves. Since, however, user cost is only negative when the entre- preneur has been increasing his capital equipment by his own labour, we can, in an economy where capital equipment is largely manufactured by different firms from those which use it, normally think of user cost as being positive. Moreover, it is difficult to conceive of a case where marginal user cost associated with an increase in A, i.e. will be other than positive. dA'
It may be convenient to mention here, in anticipa- tion of the latter part of this chapter, that, for the com munity as a whole, the aggregate consumption (C) of the period is equal to (A-A,), and the aggregate invest ment (1) is equal to (A, -U). Moreover, U is the individual entrepreneur's disinvestment (and - U his investment) in respect of his own equin
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