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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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    1. Pierangelo Garegnani, 2024. "Notes on Consumption, Investment and Effective Demand: II," Springer Studies in the History of Economic Thought, in: Roberto Ciccone (ed.), Capital Theory, the Surplus Approach, and Effective Demand, pages 411-434, Springer.
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    3. 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.
    4. Stephen F. LeRoy, 1983. "Keynes's theory of investment," History of Political Economy, Duke University Press, vol. 15(3), pages 397-421, Fall.
    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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