By Murray Milgate
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Extra resources for Capital and Employment. A Study of Keynes's Economics
To put it in the more familiar terms of later Keynesian controversies, in equilibrium planned saving equals planned investment at the full-employment level of output. Yet this is not all that should be noted about this property of the long-period equilibrium of the system. To begin with, in the manner in which the marginalists' approach to the theory of value was applied to the determination of 'factor prices' (that is, to the explanation of distribution proper) is to be found an explanation of a process through 42 CAPITAL AND EMPLOYMENT which planned saving and investment were thought to be brought back into balance in the face of a divergence between them.
50 CAPITAL AND EMPLOYMENT passage, that under accumulation lack of'effectual demand' would cause a fall in the rate of profit, together with the idea that a boost given to this demand by a "body of unproductive consumers" (1820, p. 463) would be the only way this decline could be prevented, is little more than an elaboration of Adam Smith's idea that profits are determined by the 'competition of capitals' (see n. *, p. 49 for Smith's view; see also Malthus, 1820, pp. 310-311 where he associates himself explicitly with Smith).
It is made, however, elsewhere in that edition (see Baumöl, 1977, pp. 155-156 for a translation of ch. 5 of the Traité). U 'Supply' and 'demand' must be understood here (as, indeed, they must in Classical economics as a whole) in Adam Smith's sense of 'quantity brought to market' and 'quantity demanded' (his 'effectual demand') respectively and not in the marginalist sense of functional relationships ('schedules') between price and quantity. We may quote Smith to illustrate this point: "the market price of every particular commodity is regulated by the proportion between the quantity which is actually brought to market and the demand of those who are willing to pay the natural price of the commodity" (Smith, 1776, I.