By J. A. Kregel (auth.)
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Additional resources for The Theory of Economic Growth
The level of investment will also determine the proportion of labour employed in the production of available and nonavailable goods. With a given money wage, aggregate demand for available goods will be composed of consumption expenditures by wage-earners plus consumption by entrepreneurs out of profits. The excess of money expenditures out of wages and profits over money costs of production in the consumption sector represents gross profits earned in the production of available output. , yields net profit for the consumption sector.
The return on existing investment is given and they must maximise expected future yields on new projects . Furthermore, since technological progress is occurring, changes in the rate of progress will affect the speed at which it will be profitable to replace old plant. Since the events of the near future are expected with greater certainty, entrepreneurs will require that new projects recoup initial cost early in life while the probability of changes in prices, wages and available techniques is low.
The Neoclassical economist, to a much greater extent than the Classical, focused interest in dynamic analysis primarily on the stationary state. In the early 1930s several writers had tried to adapt Keynesian principles to the long-period, but this was usually done, in the shadow ofstationary-state analysis, under the assumption of zero net saving (cf. , ,  p. 105). The only analysis of an economy expanding in equilibrium over time was the long-hidden, purely Classical mathematical model by J.