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Keynes on the Nature of Capital: An interpretation of The General Theory's Chapter 16

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  • Nerio Naldi

Abstract

Chapter 16 of The General Theory contains an analysis designed to interpret the long-run effects of saving decisions and capital accumulation on employment and aggregate income. In a discussion aimed at providing a basis for this analysis, Keynes argued that the concept of roundaboutness—or average period of production—did not provide a general explanation of the origin of the return on capital and was not a general description of capital itself. The alternative view put forward by Keynes described capital as a set of heterogeneous commodities yielding a return according to their scarcity.

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  • Nerio Naldi, 2000. "Keynes on the Nature of Capital: An interpretation of The General Theory's Chapter 16," Review of Political Economy, Taylor & Francis Journals, vol. 12(2), pages 157-169.
    • Handle: RePEc:taf:revpoe:v:12:y:2000:i:2:p:157-169
    DOI: 10.1080/095382500406486
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    References listed on IDEAS

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    1. Keynes, John Maynard, 1919. "The Economic Consequences of the Peace," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number keynes1919.
    2. J. M. Keynes, 1937. "The General Theory of Employment," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 51(2), pages 209-223.
    3. Stephen F. LeRoy, 1983. "Keynes's theory of investment," History of Political Economy, Duke University Press, vol. 15(3), pages 397-421, Fall.
    4. Pierangelo Garegnani, 2024. "Notes on Consumption, Investment and Effective Demand: I," Springer Studies in the History of Economic Thought, in: Roberto Ciccone (ed.), Capital Theory, the Surplus Approach, and Effective Demand, pages 387-409, Springer.
    5. Salvadori, Neri & Steedman, Ian, 1988. "Joint Production Analysis in a Sraffian Framework," Bulletin of Economic Research, Wiley Blackwell, vol. 40(3), pages 165-195, June.
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