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Keynes on the Nature of Capital: An interpretation of The General Theory's Chapter 16

By 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.

DOI identifier: 10.1080/095382500406486
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