The General Theory of Employment

Abstract So far we have considered the orthodox theory of long-period equilibrium — the theory which applies to a situation in which the stock of capital is adjusted to circumstances, with zero net investment. The process of adjusting the stock of capital to any change in circumstances takes a long time to work through. It is therefore necessary to supplement the long-period theory by an analysis of the short-period situation, in which the process of accumulation is going on.

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