The Elgar Companion to John Maynard Keynes
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The Elgar Companion to John Maynard Keynes

Edited by Robert W. Dimand and Harald Hagemann

The most influential and controversial economist of the twentieth century, John Maynard Keynes was the leading founder of modern macroeconomics, and was also an important historical figure as a critic of the Versailles Peace Treaty after World War I and an architect of the Bretton Woods international monetary system after World War II. This comprehensive Companion elucidates his contributions, his significance, his historical context and his continuing legacy.
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Chapter 39: Investment, expectations and the marginal efficiency of capital

Jan Kregel

Abstract

Keynes considered investment to be the most important and most volatile determinant of the level of economic activity because of the essential role of expectations in influencing the expenditure decisions of private corporations. He expressed the relationship between expectations of future income from investment and its current financing in the form of a concept he called the marginal efficiency of capital which covered both the supply price and the demand price of capital in relation to financial conditions.

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