Full text: Wirtschaft und Gesellschaft - 1976 Heft 3 (3)

20 Keynes 1936, 117 f.; meine Übertragung des folgenden Originalzitats: An increment
of investment in terms of wage-units cannot occur unless the public are prepared
to increase their savings in terms of wage-units. Ordinarily speaking, the public
will not do this unless their aggregate income in terms of wage-units is increasing.
Thus their effort to consume a part of their increased incomes will stimulate Out¬
put until the new level (and distribution) of incomes provides a margin of saving
sufficient to correspond to the increased investment. The multiplier teils us by how
much their employment has to be increased to yield an increase in real income
sufficient to induce them to do the necessary extra saving, and is a function of their
psychological propensities. If saving is the pill and consumption is the jam, the
extra jam has to be proportioned to the size of the additional pill.
21 Hicks unterläßt zwar die präzise Unterscheidung zwischen Multiplikator und Fort¬
pflanzungseffekt betont aber die Bedeutung der Lagerinvestitionen für den »Multi¬
plikatoreffekt« (Hicks 1974, 12 f.).
22 Mit Struktur des Kapitalstockes ist hier insbesondere das Verhältnis von Lager- zu
Anlageinvestitionen gemeint.
23 Keynes 1936, 116; Keynes hat mit der Vereinfachung Anlaß genug gegeben zum be¬
schriebenen keynesianischen Umkehrschluß, zusätzlich staatliche Investitionen wür¬
den in vollem Ausmaß die effektive Nachfrage erhöhen.
24 Ebenda 123 f.
25 Ebenda 123, meine Übertragung des folgenden Originalzitats: »Thus an expansion
in the capital-goods industries causes a series of increments in aggregate investment
occuring in successive periods over an interval of time, and a series of values of the
marginal propensity to consume in these successive periods which differ both from
what the values would have been if the expansion had been foreseen and from
what they will be when the Community has settled down to a new steady level of
aggregate investment. But in every interval of time the theory of the multiplier
holds good in the sense that the increment of aggregate demand is equal to the
product of the increment of aggregate investment and the multiplier as determined
by the marginal propensity to consume.«
26 Ebenda.
27 Ebenda 123, 286 ff.
28 Ebenda 124.
29 Ebenda 287. Diese Definition der Produktionsperiode entspricht nicht dem Konzept
der »Umwegigkeit« der Wiener Schule. Das Keynessdie Konzept kommt eher dem
impliziten Produktionsperiodenbegriff nahe, den Leontief in seinen empirischen
Schätzungen der »Dynamischen Inversen« verwendet. Leontief 1972.
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